SEP-IRA Contributions: Everything You Need to Know

SEP-IRA Contributions: Everything You Need to Know

https://youtu.be/Xjew60bp-9Y Have you established a SEP-IRA and are wondering if you’re doing it right? Or perhaps you’re considering establishing a SEP-IRA for you and your employees. Or maybe you’ve never heard of it or otherwise don’t know what a SEP-IRA is. Don’t worry, we’ve got you covered. What Is a SEP-IRA? Let’s start by spelling out the cumbersome acronym: SEP-IRA stands for Simplified Employee Pension - Individual Retirement Account. You’ve probably heard of IRAs before, but even if you haven’t, here are some basic facts about IRAs and SEP-IRAs: First, let’s talk about the two different types of IRAs and…
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TL;DR: Steps to a PLLC

TL;DR: Steps to a PLLC

Have you read our post on being a PLLC in Washington and realized you need to set one up? Here is our step by step checklist to switch to a PLLC from a Sole proprietorship.  TL;DR: Check out the guide and let us know if you have any questions!
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How Does An S-Corporation Save Me Money?

How Does An S-Corporation Save Me Money?

If you have read our post about S-Corporations and determining a reasonable salary, you’re probably wondering how S-Corps help save you money. Because it’s a requirement to pay yourself a reasonable salary when operating an S-Corp, savings on your taxes comes into play when your reasonable salary is more than your net income. This lets you take a distribution. Distributions are amounts of cash that you can take out of your business. Distributions are not subject to payroll taxes so by taking a distribution, you save by not paying payroll taxes on that amount of money. When told about this,…
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