01-23-2006, 06:32 AM
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 Re: Simple 401K and S Corp Eligibility "mikem1974[at]gmail.com" <mikem1974[at]gmail.com> wrote: - quote - > I own a S Corp. in California with my sibling and we have no
MUCH too late for 2005.> other employees. We both receive salaries - 55k each. The > net income in 2005 was 300k so we're each facing a big tax > bill and would like to minimize that. I have few questions: > Can we set up a simple 401k plan? Can we set it up for 2005 > or is it too late? Any reputable companies/brokerages that > you recommend? If we hire an employee next year, can we > easily terminate this plan? If there are better plans for > us, please advise. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
01-16-2006, 03:34 AM
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| Simple 401K and S Corp Eligibility I own a S Corp. in California with my sibling and we have no other employees. We both receive salaries - 55k each. The net income in 2005 was 300k so we're each facing a big tax bill and would like to minimize that. I have few questions: Can we set up a simple 401k plan? Can we set it up for 2005 or is it too late? Any reputable companies/brokerages that you recommend? If we hire an employee next year, can we easily terminate this plan? If there are better plans for us, please advise. Thank you, << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| 401k, corp, eligibility, simple |
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