RBAN WORN

Can We Meet In Person?

Can We Meet In Person?

I am often asked where TL;DR is located and if a client can meet in person.

I am normally located at the SLU WeWork in Seattle. This week, I’m in London and working from a WeWork in Paddington. Every year, I take a few weeks to visit the east coast and my family in New York.

My penchant for travel and remote work is why scheduling appointments on my calendar is so important. It’s also why we don’t take unscheduled phone calls.

TL;DR: Accounting is a remote firm. Our team members work remotely from all around Seattle and Portland. Working remotely is a benefit to our employees, as studies show employees are more productive and happier when working from home. Plus, working from home saves our employees from dealing with traffic and the area’s housing prices.

So, no, you cannot meet with our team in person. You can, however, still meet us face-to-face, in a way, through Google Meet or Zoom. We also schedule regular phone calls with our clients. This allows us to connect with and see our clients without anyone needing to deal with traffic or conference rooms.

…but can we meet with you at the office?

We do not meet with new clients in person. We offer an introduction call to see if we are a good fit and to discuss how we can help solve your problems. After that, meetings can be worked into your package at a premium.

In order to provide the most value to our clients in this increasingly digital world, our clients tend to appreciate meeting digitally since it reduces the amount of time that they are not serving their clients.

TL;DR: Once you are a client we will meet with you in person if you request it.

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What retirement accounts can I have?

What Retirement Accounts are Available for Someone Who is Self-employed or a Small Business Owner?

Well…it depends (you knew that was coming right?).

Before giving an answer, I always ask:

  • How many employees do you have?
  • Are you an S-Corporation?
  • How much do you want to contribute to your retirement accounts?
  • Do you want as simple a solution as possible?

Three types of accounts work best for small business owners or freelancers:

  • Simplified employee plan (SEP) IRA
  • Solo 401(k)
  • Simple IRA

 

 

 

 

 

 

 

 

 

 

*less half of your self-employment tax

 

What does this chart mean?

A SEP IRA is very similar to a regular IRA. The contributions come from the business only; there are no employee contributions. If you are self-employed, your contribution is 20% of your business net income, and if you are an S-Corporation, your contribution is 25% of your compensation. A SEP IRA tends to be a great plan for a small business owner with no employees.

A Solo 401(k) is similar to a 401(k) offered from an employer. You can make contributions from your paycheck and the business can make contributions as well. A Solo 401(k) does have filing requirements once the plan gets big enough. The “solo” part of a Solo 401(k) is because the plan only works if you don’t have employees.

If you do have employees, a Simple IRA is a very straightforward plan that offers two options: a flat 2% of compensation or a 3% match of compensation.

 

So, what retirement account is right for me?

Most of our small business clients who have no employees tend to use SEP IRAs. Our small business owner clients who do have employees usually use Simple IRAs.

We always recommend you talk to an advisor to determine which option is best for you and your circumstances.

TL;DR: Retirement planning might be a pain, but you should still be saving for it.
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Time for Some Work Life Balance

The answer is to the above question is…

No…that is so not deductible. As an added bonus, the IRS will revoke your passport if you owe more than $50,000.

Now that this filing season has come to a close for businesses and individuals, it’s time for me to take a well-deserved vacation.

That’s right — I am going on a two-week vacation. On the bright side, my team will continue to be available to answer any questions you have while I take some time away from the computer to sightsee overseas.

For situations that are not time-sensitive and that require my direct response, please feel free to contact me or schedule an appointment. I will be able to get back to you after my vacation.

See you soon!

-Toni