Matt in the Hat
13 Apr 2005, 12:47 PM
I'd like to know how any of you who happen to own microbusinesses or are self employed function. Me and my wife recently formed a small LLC for architectural design services and we still have questions and concerns aon a number of issues.
1) Taxes - We are listed as an LLC but function as a partnership for IRS purposes. We already have a payroll account that sends money to the Feds and NJ for Fed Tax (Witholding, FICA, medicare), FUTA, NJ Witholding and NJ unemployment tax on a per paycheck basis.
2) Health - Currently we are uninsured, but we have received quotes for about $500/mo to cover both of us with a decent HMO from Oxford. I have been a big fan of health savings accounts for our purposes, particularly for the compounding of HSA money over time. But in NJ, there is not enough of a discount in catastrophic insurance and only one provider. How much should we pay for this with payroll deductions? Also, does anyone have any other leads on insurance?
3) Insurance - Besides E&O which is critical, what other insurances would you reccomend? We have joined an organization, the NASE which provides up to $1,000,000 of E&O with a $2,500 deductable. Can I do better?
4) Retirement - Should we set up a single k, 401(k) or an IRA program. I'm not really sure of the advantages of all of these. Again, how much should we pay for this with payroll deductions?
5) Accounting - With a good amount of software for books and payroll, do I really need an accountant if I have a head on my shoulders?
Would love to hear what you all have to say. Please add anything to the list if it is important and I may have forgotten it.
1) Taxes - We are listed as an LLC but function as a partnership for IRS purposes. We already have a payroll account that sends money to the Feds and NJ for Fed Tax (Witholding, FICA, medicare), FUTA, NJ Witholding and NJ unemployment tax on a per paycheck basis.
2) Health - Currently we are uninsured, but we have received quotes for about $500/mo to cover both of us with a decent HMO from Oxford. I have been a big fan of health savings accounts for our purposes, particularly for the compounding of HSA money over time. But in NJ, there is not enough of a discount in catastrophic insurance and only one provider. How much should we pay for this with payroll deductions? Also, does anyone have any other leads on insurance?
3) Insurance - Besides E&O which is critical, what other insurances would you reccomend? We have joined an organization, the NASE which provides up to $1,000,000 of E&O with a $2,500 deductable. Can I do better?
4) Retirement - Should we set up a single k, 401(k) or an IRA program. I'm not really sure of the advantages of all of these. Again, how much should we pay for this with payroll deductions?
5) Accounting - With a good amount of software for books and payroll, do I really need an accountant if I have a head on my shoulders?
Would love to hear what you all have to say. Please add anything to the list if it is important and I may have forgotten it.