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Feb 24, 2020
10:43
:09
am
byuprof
All-American
do you have employees?
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byuprof
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byuprof
Joined
Oct 14, 2002
Last login
May 3, 2024
Total posts
3,177 (477 FO)
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Messages
Author
Time
Sole-Proprietor SEP IRA Question: Does it matter if $ comes from business
ebv
2/24/20 10:27am
It's an individual retirement account. Doesn't matter where you get the $$
byuprof
2/24/20 10:29am
Do you have an accountant and tax preparer?
Cougrrrs Roll
2/24/20 10:31am
Super helpful, bro. I just want to understand the process.
ebv
2/24/20 10:37am
OK so don't talk to an accountant or tax preparer
Cougrrrs Roll
2/24/20 9:13pm
You think I'm rude? Lol. Thanks, friend. Appreciate it.
ebv
2/25/20 6:24am
As a sole proprietor there's no difference. If you were an S-corp or C-corp it would have to come from the business acct
RdF3
2/24/20 10:35am
This is what I suspected. Thanks.
ebv
2/24/20 10:37am
Transfer money from your personal account to your business account and pay it
BYU-Ite
2/24/20 10:37am
do you have employees?
byuprof
2/24/20 10:43am
Nope. Sole-proprietor--hence the question whether the source matters.
ebv
2/24/20 10:45am
a sole proprietor can have employees.
byuprof
2/24/20 5:56pm
Great clarification, and one I wasn't necessarily thinking about. Thank you!
ebv
2/24/20 7:23pm
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