Skip to main content
Message Font: Serif | Sans-Serif
No. of Recommendations: 1
We don't really have an accountant or anyone that I can trust to give sound advice.

I think this is your first big issue.

My wife's brother works at Hewlett-Packard as an accountant and does our taxes every year. I consulted with my brothers business accountant once and it would have cost us about $300/month for his services. Way too much for us for a mon-income producing position. I asked him if he could do something to save money on our taxes to justify his fees and, after reviewing the previous years taxes, he couldn't.

The problem is, your accountant should be helping you set up the accounts correctly and answering the questions like:
I assume the bottom line on info. regarding income, profit, who's the company owner and who's the worker needs to come from tax records. We have faux finishing company where she is named as "Designer" and I am "Painter". She started the company and I think her name is on the DBA. With those facts in mind, is she considered the employer and I am the employee? Just asking to try to get the different types of accts. we need straight.

If you have the account and your company set up correctly, the company is the employer and you and she are both employees. You and she can each make your employee contributions, and the employer (i.e the company) will make their contributions. Employee contributions need to come directly from the employee's paycheck. Employer contributions should come from the company.

If your BIL can't help answer your questions to get that set up correctly, then you do need an accountant, and it's not just to save on taxes.

The joint and my Roth had money transferred to the from our bank acct. before any of the transfers were completed.

Okay, this is scary. You transferred money from your bank account to your Roth IRA? Was this your annual contribution? If not, why were you sending money from your bank account to your Roth IRA?

I really think you need professional accounting/tax help, because you may have made an overcontribution to your Roth IRA. You will need to either get it removed (if you still can from a timing perspective) and/or pay penalties on it.

Print the post  


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.
Contact Us
Contact Customer Service and other Fool departments here.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! 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.