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Tag Archives: research

Retirement Plans

Tuesday, November 11, 2008

I’ve been interested in getting a retirement plan started since I converted over to my LLC.  At the staffing agency I did open a 401k with them, but I only funded it for a short time.  I’m also having an issue logging into the account online, but … that’s not the point of this post, [...]

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SIMPLE IRA Notes

Wednesday, August 13, 2008

I’m looking into the specifics of setting up a SIMPLE IRA once I completely convert over to being self-employed.
Here are a few interesting things I ran into so far:
http://www.irs.gov/pub/irs-tege/simple__checklist.pdf
Employer matching contributions:
You are generally required to match each employee’s salary reduction contributions on a dollar-for-dollar basis up to 3% of the employee’s annual compensation. This requirement [...]

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More Tax Surprises

Tuesday, August 12, 2008

I noticed this today:
http://www.revenue.state.il.us/Businesses/TaxInformation/Income/subchapters.htm
Illinois charges most corporations a 1.5% “replacement” tax.  Seeing as I will be taxed as an s-corporation I will have to pay that.  ugh.  Another $1000 or so for me eventually.  Even if I stayed taxed as an LLC (technically “partnership”), they still charge the tax.  They do say “Partnerships, trusts, and S corporations pay [...]

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