I am 31 years old, married filing jointly.
I work full time for my employer making around $91,000. My employer matches my 401(k) a total of 3% when contributing up to 6% so I am currently set at 6%.
I have a side business LLC that will make about $42,000 this year. Next year it will probably be a lot less -- more like $24,000.
My wife makes $20,000 so this brings my total income this year to $153,000. If I subtract what I put in my 401(k) this brings my tax value to $147,540 (153,000 - 5460).
I've always used Turbotax in the past to do my taxes and this worked great for me. I'd still like to if I can get by with it.
Questions...
1) Should I max out the ROTH this year for me and my wife or instead invest this money in a tax deferred account such as a SEP IRA, Traditional IRA or 401(k)?
2) I've been saving 25% of my earned LLC income into a separate savings account. I have not yet paid any estimated taxes this year. Should I go ahead and pay the estimated taxes now or can I wait until I file my taxes in April 09? If now, what is the deadline to not receive a penalty?
3) OK, here is the big question: Should I use a CPA? I still feel that my tax makeup is very simple. I've used Turbotax for the past 8 years or so and prefer to continue using it unless I should instead hand this off to a CPA.
4) I do not have any employees and simply provide consulting sales and service in my LLC. Is there a possibility that I would be better off incorporating? I suppose I would just be doing this to save money on taxes. I really do not have many expenses for the LLC.
Thanks!
I work full time for my employer making around $91,000. My employer matches my 401(k) a total of 3% when contributing up to 6% so I am currently set at 6%.
I have a side business LLC that will make about $42,000 this year. Next year it will probably be a lot less -- more like $24,000.
My wife makes $20,000 so this brings my total income this year to $153,000. If I subtract what I put in my 401(k) this brings my tax value to $147,540 (153,000 - 5460).
I've always used Turbotax in the past to do my taxes and this worked great for me. I'd still like to if I can get by with it.
Questions...
1) Should I max out the ROTH this year for me and my wife or instead invest this money in a tax deferred account such as a SEP IRA, Traditional IRA or 401(k)?
2) I've been saving 25% of my earned LLC income into a separate savings account. I have not yet paid any estimated taxes this year. Should I go ahead and pay the estimated taxes now or can I wait until I file my taxes in April 09? If now, what is the deadline to not receive a penalty?
3) OK, here is the big question: Should I use a CPA? I still feel that my tax makeup is very simple. I've used Turbotax for the past 8 years or so and prefer to continue using it unless I should instead hand this off to a CPA.
4) I do not have any employees and simply provide consulting sales and service in my LLC. Is there a possibility that I would be better off incorporating? I suppose I would just be doing this to save money on taxes. I really do not have many expenses for the LLC.
Thanks!