[Hidden-tech] Employee Profit Sharing

[Don Lesser]

Congratulations on a good year. I don't know whether you can have a SEP plus a employee profit sharing plan. I'd go to Vanguard or Fidelity on-line and poke around their retirement plan sections. Also, check out the Motley Fool (although for "alternative" advisors they sure do work their email lists). Since I have employees, I have a SIMPLE IRA plan, and I haven't kept up with the sole practitioner plans. I'd look at Keoughs and the like--you can contribute something like 14,000 per year.

----------------------------------------
 From: "Andy Klapper" <andytk at charter.net>
Sent: Sunday, April 02, 2006 7:06 PM
To: Hidden-discuss at lists.hidden-tech.net
Subject: [Hidden-tech] Employee Profit Sharing 

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Last year was a good year. (Hurray me!) Unfortunately I only paid
quarterly estimated taxes based on the year before that. Now that I've
finally plugged all the numbers into TurboTax it looks like Uncle SAM is
going to want a large chunk of change. I have heard that if I create an
employee profit sharing plan I can instead plow more money into my
retirement plan pre-tax and reduce my tax bill at the expense of having less
liquid assets. This, to me, seems like a good thing. (I'm an LLC in MA
with only one member and no employees. I already have a SEP plan that I
have maxed out for 2005).
Has anybody else out there done this before, and if so what is involved?
(I'm hoping that it is no more than a form and a fee, but I wouldn't be
shocked if it required more than that - if so can anybody recommend somebody
with experience that can do this quickly, and therefore, both well and
inexpensively).
Any other words of tax savings advice would also be timely and appreciated.
Thanks!
Andy Klapper
Asgard Technology Group, LLC

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