Recent content by dsp0725

My solo401k value now requires me to fill out a 5500-EZ form. I have never heard of this until recently. For 2019 I need to do a Voluntary Correction. And the standard form for 2020. Is this something I can do myself? My CPA says their group does not specialize in this. And another 401k...

Hi everyone... I'm revisiting this topic. We currently owe $281,432 on our mortgage @ 4.625%. If we were to sell, I'd expect to get $420k for the house. My wife and I were looking at how much we've spent on mortgage insurance and interest, and it's adding up quite a bit! Do you...

34 years old, wife is 30. - 285k left on mortgage (house would sell for 420k) - 103k cash - 240k between Roth IRA & solo401k - No debt from cars, loans, credit cards, etc. The past few years we've been maxing out my Roth and my solo401k w/ an employer contribution through my LLC S Corp...

It's 420 without the pool. If i was to sell after the pool, landscapting, stone work, and back patio I'd sell it for 500k

Let me add that I could pay for this pool with cash. But I figured why not finance for a month or so, then pay it off. If there was an emergency, I'd rather still have the cash around. I'm open to your opinions. Homes in my zip code with a pool are going for 600k to 800k and up.

How can you say that without knowing where in the country I live and how long I intend to be in this home?

What's a bad idea?

Wife and I are putting in a pool and will most likely finance it. - Rough cost $100k - Balance on current mortgage about 298k - If we were to sell our home today (without the pool being built) it would go for about 420k What type of loan do you all suggest? One person said we'd need a 2nd lien...

I formed my business before getting married. I am setup as an LLC taxed as an S corp. I own 100% of the business. Most of my retirement is in my solo401k which is setup under my business and has annual employer contributions. I also have a Roth IRA. My question is... if my wife and I were...

Yeah that's a good point. The reasons I've been dumping so much cash into my RA's the past 3 years is because I was a bit late to the investing game and I wanted to take advantage of the tax benefits. Now I'm questioning my plan... Maybe I should slow my roll & use traditional brokerage...

Any idea why the CEO would advise me not to over-invest? For fear of tying up my cash...?

I'm being told and don't really have a choice. They are going to give me full medical, vision, and aflac. My biggest concerns are write offs, fundings 401k's and the 35k I put in each year as an employer contribution.

I pretty much use my home office but go to their office a couple days a week. Their W2 employees answer to me. I don't have any other clients, but of course I could get some. I do some probono work for other firms. I oversee their team and manage their clients. They also have me manage...

Howdy... Just got out of a meeting with the CEO that I consult for and I was notified that they are making me a W2 employee. The past several years they have paid my LLC S corp about $185k for consulting work (independant contractor). They are my main source of income at this time. For the...

Anyone else have advice on this? ### Would you suggest converting my solo401k to a Roth 401k? As I've mentioned above my only retirement accounts right now are the Roth IRA & Solo401k. Thanks! ###