Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121333  
Subject: Re: Simple IRA Date: 2/28/2000 5:02 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
<<I'm a slave at a large corporation, having a 401(k) at work, and a modest pension plan for my old age.>>

It could be worse, I guess...

<<As a complete fool, I have salted away $2000 per year in a IRA account and then I rolled them all to a ROTH IRA last year. Ouch! I still have to pay taxes on these capital gain for three more years. And it is so nice, that the IRS sent me a reminder right before Christmas. What a cheerful gift.>>

Nobody forced you to make the conversion, eh? Please don't claim victim status here.

<<Being a slave, I always work and work. So beside my main job, I also have a small business on the side, sole proprietorship, earning anout 16 to 20 grants a year. There is no other employee, just myself. My Big Questions are:

1. Can I set up a Simple IRA from this part time business? As long as the business reports net income for the year?>>

For 2000? Yes. For 1999 no. Too late. But you can establish a SEP plan for your business for 1999.

<<2. Should I incorporate this business as a Limited Libilities Corporation for tax and liabilities purpopse?>>

That's simply impossible to say without knowing much more about your issues and situation. What do you think that a corporation or LLC will give you that you don't already have in your Schedule C business? For these types of decisions, it is very likely that you'll need the help of a qualified tax or financial pro.

TMF Taxes
Roy
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Post of the Day:
Macro Economics

Ringing the NASDAQ Bell
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement