Separate business and personal financial worlds
Actually, I have recently incorporated my self-employed business as an S-Corporation. I’ve been meaning to write more about this, but I’ve found it hard to condense the information into a blog-sized bit. I’ve also learned a ton about setting up an IRS-recognized home office and tax deductions for self-employed businesses. More on this soon.
Roll over Traditional IRA to Roth IRA
I don’t think I’m going to do this anymore, given that we are not going to be in the 15% tax bracket like I thought we might this year. I will instead contribute more to other retirement accounts.
Implement Business Idea A
Not done due to my business partner (my wife) being busy with her own career, and career definitely comes ahead of pet project. I’m going to try and learn the skills that I lack from her so that I can do everything on my end.
Have achieved 3 new freelancing clients
Things already finished last quarter:
Open a SEP IRA for 2005 business income at Vanguard.
Do my taxes and research to maximize tax return.
Looking forward at Q3 goals:
I didn’t think I’d be working over the summer, so things might change a little bit with less time for side stuff. I also didn’t know my wife was going to get a 401k at her job. So now I have to decide between using her 401k, setting up a Solo Self-Employed 401k on my end, or to keep contributing to my SEP-IRA. Will do that soon.