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SW Iowa | I'm not a CPA, but I would suggest looking into doing a solo 401k on the cattle business. Basically business side can contribute 20% of earned wages, and then as an employee you can elect to contribute up to 100% of your wage income (subject to contribution limits). Employee contribution has to be made by Dec 31, business contribution can be up to tax day.
You can't have employees other than yourself and spouse to do a solo 401k, so think you would definitely need to do separate schedule Fs to make that fly.
I would think in your situation there could likely also be significant tax advantages to having one or both businesses under an LLC. That might also be worth discussing with your tax preparer (or prospective new tax preparers if it might be time for a change). | |
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Tax question
