Posted by Art_PA on 12/5/13 1:34pm
Msg #495127

Tax & Retirement Planning - Pay Yourself First

Now is the time to establish a retirement plan if you haven't done so. Even if you have an IRA you may qualify for a Solo 401(k) and/or profit sharing plan, which allows you to shelter more income from taxation. For good information you should check with Fidelity, Vanguard, etc or other websites which provide a great deal of information. You may also qualify for Roth plans which are funded with after-tax dollars and can reduce future taxes.

Unlike other IRAs, you must set up a 401(k) in 2013. IRAs & SEP IRAs can be set up in 2014.

Thanks to those of you who are too busy to plan, and will pay more taxes than you could with a little forethought.

Reply by sueharke on 12/5/13 2:13pm
Msg #495138

Hey, you know more than I do about this subject (I'm a CPA and notary). Want to network together when either of us has a question on a subject the other knows more about?

Reply by John Tennant on 12/5/13 3:22pm
Msg #495171

The best source is not an investment for profit organization. Check out CPA's, EA's and IRS sponsored individuals that do not really have to rely on your investments for their income. Many of those offer the information free of charge.