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Old 01-09-2012, 10:14 PM
 
Location: Milford, CT
327 posts, read 1,039,900 times
Reputation: 209

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My wife and I have a regular 9to5 job with W2 wages. I just recently setup a LLC with my wife to invest in real estate. I want to create retirement accounts to invest for the future. I was looking into SEP IRAs.

I want to know what my options are since my wife and I max out our 401k contributions. Could I setup a SEP IRA and contribute through the LLC? I have been reading conflicting info.
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Old 01-10-2012, 10:15 AM
 
Location: Northern MN
3,869 posts, read 13,899,931 times
Reputation: 3593
So your going to embezzle the funds from the llc and put them into your retirement?
You can pay yourself a slaery and the llc can make a matching contribution.
The LLC's money is not your money. The perpose of the llc is to seperate your ascets/money from your personail acests/money. You can't do as you wish with the money the LLC makes.
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Old 01-16-2012, 08:10 PM
 
75 posts, read 174,292 times
Reputation: 39
Quote:
Originally Posted by snofarmer View Post
So your going to embezzle the funds from the llc and put them into your retirement?
You can pay yourself a slaery and the llc can make a matching contribution.
The LLC's money is not your money. The perpose of the llc is to seperate your ascets/money from your personail acests/money. You can't do as you wish with the money the LLC makes.
1) you misspelled every word in this statement.
2) LLC's don't pay a salary to members.

To the OP, you should contact an accountant who specializes in taxes (an EA, or a CPA with a tax practice) to figure out your tax planning strategies, not an internet forum.
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Old 01-17-2012, 08:14 AM
 
Location: Northern MN
3,869 posts, read 13,899,931 times
Reputation: 3593
Quote:
Originally Posted by MrLemon View Post
1) you misspelled every word in this statement.
2) LLC's don't pay a salary to members.

To the OP, you should contact an accountant who specializes in taxes (an EA, or a CPA with a tax practice) to figure out your tax planning strategies, not an internet forum.
So what, I misspelled some words did it make you feel superior to make a post about it?
I'm dyslexic. And it was only six of the words big guy.

I won 2 LLC's and I dno't pay miselfy hrolury I am piad a slaray sa teh onwre oepartoir.


http://www.irs.gov/publications/p560...ublink10008828

http://www.irs.gov/publications/p560...ublink10008841
Setting up a SEP
Salary reduction simplified employee pensions

Last edited by snofarmer; 01-17-2012 at 08:29 AM..
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Old 01-22-2012, 10:06 PM
 
75 posts, read 174,292 times
Reputation: 39
Quote:
Originally Posted by snofarmer View Post
So what, I misspelled some words did it make you feel superior to make a post about it?
I'm dyslexic. And it was only six of the words big guy.

I won 2 LLC's and I dno't pay miselfy hrolury I am piad a slaray sa teh onwre oepartoir.


Publication 560 (2010), Retirement Plans for Small Business

Publication 560 (2010), Retirement Plans for Small Business
Setting up a SEP
Salary reduction simplified employee pensions
In an age of spell-check and auto correct there is no excuse for poor spelling, it just reflects a lack of caring or a lack of intelligence on the part of the poster.

Additionally, if you aren't treating the LLC as a corporation (as a disregarded entity or partnership) I do not believe you should not be taking a salary or be considered an employee.

As I stated before the safest bet is for the poster to contact a local CPA or EA that understands federal and state taxes.
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Old 01-23-2012, 08:27 AM
 
Location: Northern MN
3,869 posts, read 13,899,931 times
Reputation: 3593
Well aren't you all that. Your post is an attack.

It is a forum board. or the lack on not caring if a post is not perfect.

I'm soooooooooo sorry I don't live up tp your Majesty level of superiority.
Does it make you feel better, superior to pick on someone with dyslexia?
I hold a college degree and a tech school cert.
So what I barely passed freshman comp, I did pass.
I guess I'm not hung up on being perfect.

Bad grammar or not I still own 2 business.
You just have to be smart enough to hire the right folks.

PS I bet I can go and find many mistakes concerning your posts.
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Old 01-23-2012, 02:39 PM
 
Location: Northern MN
3,869 posts, read 13,899,931 times
Reputation: 3593
This is the 2nd time you found it necessary to chime in about my spelling and or grammar . You also seam to like to do this as you have done it to others.

Quote:
Originally Posted by MrLemon View Post
Why would you go to a subpar school in Hawaii when you could go down-state NY and attend some of the best universities in the country, while pursuing a career in finance in the financial capital of the country/world?
Nice run on sentience and it's not really a question.
It looks like it's more of a statement?

Quote:
Originally Posted by MrLemon View Post
You should get a CPA, Attorney, or EA specializing in international tax issues. Typically, if you are a US citizen you are taxed on your world wide income regardless of where it is earned.
No coma is necessary when you use the word or "Attorney, or EA "

Quote:
Originally Posted by MrLemon View Post
Why would you go to a subpar school in Hawaii when you could go down-state NY and attend some of the best universities in the country, while pursuing a career in finance in the financial capital of the country/world?
Run on sentence.


If my posts are detracting your thoughts from the Op's question an easy remedy would just put me on your ignore list and save your self the aggravation.

I know I'm not perfect.
I'm not so sure you can say the same thing about yourself.
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Old 01-25-2012, 10:54 PM
 
75 posts, read 174,292 times
Reputation: 39
Actually I used a double negative in my last post which is incorrect.

As for your points.

1) It is not a run on sentence.
2) It is called a serial comma (look it up).
3) Repeating yourself?

None of this relates to the fact that LLC(s) treated as a partnership or a disregarded entity do not pay members a salary as your posts have stated. If you don't know what you are talking about do not proffer advice. Instead you should suggest the poster contact a professional.
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Old 01-26-2012, 01:23 AM
 
24,497 posts, read 37,425,520 times
Reputation: 12878
Quote:
Originally Posted by MrLemon View Post
Actually I used a double negative in my last post which is incorrect.

As for your points.

1) It is not a run on sentence.
2) It is called a serial comma (look it up).
3) Repeating yourself?

None of this relates to the fact that LLC(s) treated as a partnership or a disregarded entity do not pay members a salary as your posts have stated. If you don't know what you are talking about do not proffer advice. Instead you should suggest the poster contact a professional.
The members can be paid a salary if they perform work for the LLC beyond managing. In fact, to maximize your 401k, you have to pay the members a salary.
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Old 01-27-2012, 09:40 AM
 
Location: Northern MN
3,869 posts, read 13,899,931 times
Reputation: 3593
Quote:
Originally Posted by NJBest View Post
The members can be paid a salary if they perform work for the LLC beyond managing. In fact, to maximize your 401k, you have to pay the members a salary.
Bingo

"I am piad a slaray sa teh onwre oepartoir"
(letters jumbled on purpose)

I work alongside my employees.
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