All Forum Posts by: Lorinda Fields

Thank you, Doug!

Thank you John!

Hi All,

I am looking to form a single member LLC for my home flipping business but I wanted to know if I can use the same LLC for my "buy and hold/short term rental" business?

This is the first year that I will be making decent income to warrant the schedule SE.  Also, my husband has been filing but I am looking for a CPA for next years taxes.

So, my understanding is, after looking at the IRS website and another cpa I spoke with, I would need to also file a Schedule SE to pay my SS and Medicare taxes.  If I don't pay SS and Medicare taxes, I would not qualify to fund my solo 401k.

we normally file my 1099 income on a schedule c, 1040 but medicare and ss taxes are not coming out.  In order to qualify for funding a solo 401k dont I have to show that those taxes are being paid every year?

I am planning to transfer my IRA into a solo 401k so I can invest in real estate.

I am planning to use my 1099 income to fund it on a regular basis.

Do I need to file a different tax form where I would pay medicare and ss taxes?  I have heard that paying these taxes is a requirment to fund a solo 401k.