10 Comments

1. 

   tluong625 on August 8, 2022 at 4:40 pm

   great video breakdown. loved the clarification on s corp!

2. 

   DosMasDos on August 8, 2022 at 4:40 pm

   You are very good explaining, the best video on youtube

3. 

   Lore L on August 8, 2022 at 4:40 pm

   Hello! Great explanation! I only would like to ask about the taxes that will be saved if we do both SIMPLE IRA and a Distribution. I understand that a SIMPLE IRA won't pay Federal taxes still will pay Social Security and Medicare. The money that will use for the Distribution, won't pay SS and Medicare but will pay Federal taxes. SO what would be the best option on tax savings?

4. 

   TerraFirma-X on August 8, 2022 at 4:40 pm

   Can you still have a Roth IRA that you are contributing to? Or is it one or the other?

5. 

   Jenni Soto on August 8, 2022 at 4:40 pm

   Hello, I have a lot of questions, but you’re not obligated
   
   to answer all of them. I just want some answers and your advice. I’m still
   
   going to contact the IRS for help on these because it’s a little difficult to
   
   find all the answers online. Or maybe I just don’t research well enough.
   
   Here are the questions:

   (1.) How/where do I look/search for business retirement
   
   plans like SEP & SIMPLE IRS and personal retirement plans ROTH &
   
   Traditions IRS? What companies and/or financial institutions offer certain
   
   retirement plans? Do I search online? Or search for locations to ask in person?
   
   (2.) Okay, so I know I can contribute as an employer and
   
   employee (twice the amount) in my SIMPLE IRA, but is this meant for self-employed
   
   only or employers too?

   (3.) What do you think of these companies that offer retirement
   
   plans? Are these legit?: Vanguard, Betterment, E-Trade, Fidelity, TD
   
   Ameritrade, Ally Invest. And are some of these companies well known for
   
   providing retirement plans in a certain category (for example: for self-employed
   
   or employers)?

   (4.) Who can be considered a trustee for my business
   
   retirement plan if I have no experience in investing? I wouldn’t know what to
   
   tell the retirement plan provider on what to do or not to do. Does this still
   
   mean I am considered a Trustee even if my plan provider will be doing all the
   
   action? Or is the retirement plan itself considered the trustee? I found this quote somewhere that kind of answers my
   
   question: “Establish a SIMPLE
   
   IRA plan: you’ll need to choose a financial institution to serve as trustee of
   
   the SIMPLE IRA’s to hold each employee’s/participant’s retirement plan assets.”
   
   but I still want clarification to understand who or what can be considered a
   
   trustee for my retirement plan.

   (5.) I read somewhere that I can create a
   
   “trust” for my business retirement plan. Where can I get a “trust” and what is
   
   it exactly? Do I get one from a bank or any other financial institution?

   (6.) Also, would I be considered a “fiduciary” even if I don’t know how the
   
   retirement plan works? I just collect employee money for retirement. That’s all
   
   I believe the employer role is when it comes to business retirement for those
   
   who has no experience or knowledge with retirement accounts?

6. 

   Yuko Shinjimoto on August 8, 2022 at 4:40 pm

   Love you!

7. 

   Joseph Calapati on August 8, 2022 at 4:40 pm

   I am a small business owner. My wife also receives a monthly salary for helping me with marketing and other stuff.

   I am considering opening up a SEP IRA as a vehicle for my stocks and index funds, am I required by the law to contribute to her SEP IRA?

8. 

   Jignesh Thummar on August 8, 2022 at 4:40 pm

   Well explained

9. 

   Craig Hoffman on August 8, 2022 at 4:40 pm

   Great content. Thanks!

10. 

    NextSurvivor on August 8, 2022 at 4:40 pm

    Great video! Thanks. How about a video on HSAs?