(Trying again) SMLLC - How should I define Compensation? BACKGROUND:
I have a Single-Member LLC and have not given up my Disregarded Entity status. I have no employees. I pay myself no wages and no salary. Every so often I take Owner Draws from the company and this is the money I use to live on.
I want to create a SEP-IRA to save for retirement in a tax-deferred manner. My tax preparer has told me the amount I am able to contribute for last year, and I have chosen a brokerage with whom I would like to create the SEP-IRA. |