I am a newbie here and have been reading up as much as I can. I own a small private practice setup as a S-Corp PLLC with about 10 employees and couple of 1099 ICs. My spouse who is managing the practice and I get paid on W2 but a good portion of the profits are passing through as a distribution. So far we have not done much financial planning and only paying our IRA's as we did not yet setup any 401k at work. We have a CPA that primarily does our book keeping but has also filed our taxes over the last couple of years. Other than the Section 179, business loan and home mortgage interest deductions, it does not appear we are taking advantage of opportunities as we are phased out of most other deductions/credits and the tax bill has been huge (I think 30-35% fed tax rate). I have been aggressively paying off the higher interest business loans and paid off 3 of the 4 loans I took in the last 5 years. I paid off my student loan and still have about 1M in debt left between the business, mortgage and car loans etc. We are 35 & 40 and have two young kids in elementary school but have not setup any funds for their tuition.
I understand setting up a 401k at work is slightly more complex and with 10 employees I may be looking at a good chunk of expense. I am interested in setting it up either this year or next year. Are there any alternative deferred tax retirement plans at an individual level that I can setup more easily?. Are there any recommended fee only tax strategist/financial advisers in the Seattle area that setup the structures so I can manage them afterwards?
Appreciate your advise.
HI
I understand setting up a 401k at work is slightly more complex and with 10 employees I may be looking at a good chunk of expense. I am interested in setting it up either this year or next year. Are there any alternative deferred tax retirement plans at an individual level that I can setup more easily?. Are there any recommended fee only tax strategist/financial advisers in the Seattle area that setup the structures so I can manage them afterwards?
Appreciate your advise.
HI
Comment