Hey guys,
So I did real well this year. Showed a bit o' proft. Which also means (and I don't have to tell ya), that I will owe a decent sized tax bill this year.
With my new corporation I will show a decent sized loss, so personally it should be a wash. Business wise, well.. that's the punishment for doing well, right? Damn my superior business skills - and damn the advice you all have given me!!!
Anyways, I was recently recommended that I start a SEP IRA to create a partial tax shelter. Now I don't quite understand all of it so I'd like somebody to break that down if you could. A SEP is not real different then a 401k, correct? Where as, I can put money in tax-free but when I take it out (after many, many years) it will be taxed at the same income tax bracket. Obviously this will help short term, but is it even worth it? Is it time to start finding other ways to do things?
I know there are some pretty expertish people here on this subject, lemme know! Thanks all!
So I did real well this year. Showed a bit o' proft. Which also means (and I don't have to tell ya), that I will owe a decent sized tax bill this year.
With my new corporation I will show a decent sized loss, so personally it should be a wash. Business wise, well.. that's the punishment for doing well, right? Damn my superior business skills - and damn the advice you all have given me!!!
Anyways, I was recently recommended that I start a SEP IRA to create a partial tax shelter. Now I don't quite understand all of it so I'd like somebody to break that down if you could. A SEP is not real different then a 401k, correct? Where as, I can put money in tax-free but when I take it out (after many, many years) it will be taxed at the same income tax bracket. Obviously this will help short term, but is it even worth it? Is it time to start finding other ways to do things?
I know there are some pretty expertish people here on this subject, lemme know! Thanks all!
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