All set with that but thanks anyway. I want no part of paying out of my ass for plumbers, landscapers et cetera nooooo thank you
Even if we are not of the normal work force?
See link...
I will read this at the nail salon while I get my pedicure 💋
look into a Roth IRA it would be your best bet...
client that know what he is doing to cut costs....great service for a great return on investment.
If you want to set up a SEP401k or an IRA (I think you get set aside a lot more of your income with a SEP) you should consult with a certified accountant and/or tax lawyer. You need to make sure its done right otherwise IRS might be showing up at your door with an audit.
..Individual Retirement Account...with one of many institutions. The maximum yearly contribution is $5,500. $6,500 if you are over 50.
I appreciate your help very much
...Individual Retirement Account...with one of many institutions. The maximum yearly contribution is $5,500. $6,500 if you are over 50.
Yes, you can set up a 401 K as a self employed person. Whether or not it's the best way for you to go is an entirely different matter.
My advice is to get with a competent, preferably "non judgmental" tax professional, tell him or her EXACTLY what your goals are and find out which options; IRA, roth or traditional, SEP, self employed 401K or other plans that are available to you will fit your needs and goals the best.
I would love to suck his dick 😊
I'm self-employed, with a personal LLC, and I have a SEP through one of the big fund companies. Contribution limits are based on a combination of age and (reported) net income. Contributions are tax deductible. You could talk to Fidelity, Vanguard or such and they could set it up, perhaps even in time to get a deduction for 2015 tax year.
My SEP would be bigger if I hadn't recently discovered this life-extending hobby.
The average return on investment of IRA or 401k is about 5%. If you are young the best bet is instead to save up and by a house with enough down payment/equity to avoid having to buy mortgage insurance -- which is just throwing money away
All set with that but thanks anyway. I want no part of paying out of my ass for plumbers, landscapers et cetera nooooo thank you
How do you think we pay for this hobby, anyway? Oh well, someone else bought the house and "we" will make sure it works right on their nickel, instead of yours.
And now my landlord pays them you didn't make me feel bad nice reach though tyvm
But PLEASE remember that these accounts have limitations and also requires you only to use them for a percentage of your CLAIMED income. So don't think you can claim a $20K income but contribute $30K to a SEP-IRA, because you can't. 
(For 2016 the max you can contribute to a SEP-IRA is the lesser of 25% of your income OR something more than $52K ($53K, I think) this year, theoretically. BUT, a SEP-IRA requires W2 income, not 1099 income, so that would be another expense for you.... If you have an LLC, a 401k might be a better option -- but the max you can contribute in 2016 is $18K, and 2/3rd of that ($12K) if it is a Simple-IRA.)
I need face time with a sketchy cpa or phone at least lol I can whip you up a beautiful Coq au Vin and give you the best blow job you've ever had. But, this just isn't what I do so I need real life help. I do appreciate your knowledge though and I get it just not sure how to do it.
I've seen recommendations from people whose knowledge of investment I respect and they recommend index funds and Vanguard.