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Taxes??!!


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A place to talk about general business discussions.
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  #11  
Old 01-08-2012, 10:21 PM
TiedemanLLC TiedemanLLC is offline
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I've had an IRA for about 10 years now. I usually intend to run my numbers past my tax lady at the end of the year to see if I should dump some extra cash into it but she disappears between April 15th and January 15th. I'm switching to another accountant after after this time.

Basically, what you put into the IRA is tax deferred. You don't pay tax on it as it grows so the profit is rolled back in and it also gains interest. You pay tax on it when you take it out after retirement age. You take a huge hit if you want the money before that though so make sure you're not going to touch it until you retire.
What made you decide to do an IRA instead of a ROTH? I am just curious.

I know what you mean about the accountant issue. Don't get me wrong, I have a great accountant, but when I need a consultation, it's $120 a visit. Even if I am only there for 5 mins.
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  #12  
Old 01-08-2012, 10:29 PM
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What made you decide to do an IRA instead of a ROTH? I am just curious.
I just rolled over my IRA from my old job and didn't change it. Of course I don't match 3% like they did since its all my money going in.

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I know what you mean about the accountant issue. Don't get me wrong, I have a great accountant, but when I need a consultation, it's $120 a visit. Even if I am only there for 5 mins.
Yeah, mine goes up $20 every time I see her without fail. I interviewed another accountant already. I should get her involved now so she can set up my expenses before they start rolling in.
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Old 01-08-2012, 11:16 PM
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does anybody else not find it very odd that the original poster is asking for tax advice ,yet his mother is an accountant ? Personally ,I would ask my mom before soliciting internet advice .
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Old 01-08-2012, 11:21 PM
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does anybody else not find it very odd that the original poster is asking for tax advice ,yet his mother is an accountant ? Personally ,I would ask my mom before soliciting internet advice .
Yes I did notice, but kind of ignored it. I figured he is trying to figure out alot of this by himself without relying on his mother. When I was young, I was the same way. I wanted to find out everything for myself first.
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Old 01-08-2012, 11:24 PM
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I just rolled over my IRA from my old job and didn't change it. Of course I don't match 3% like they did since its all my money going in.

Yeah, mine goes up $20 every time I see her without fail. I interviewed another accountant already. I should get her involved now so she can set up my expenses before they start rolling in.
Yeah, my annual taxes go up every year, normally $20 to $30 more each year. It used to be free consultation, but ever since a couple years ago they charge now.
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Old 01-09-2012, 02:58 PM
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My mom is an accountant and she files all of our taxes herself but this is the first year that we are dealing with a business. So I need to gather up all the receipts and a report of all my income?
You should be all set with your family connections!

Keep track of your income and your expenses and I am sure your mom will be able to help you out. The one thing you should investigate is to see if your state requires you to collect sales tax on your services.

Keep us posted on what advice your mom gives you once she looks through it all.
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