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Tax Strategy for small businesses and the self-employed
Self-employed individuals and small business owners with excess income should consider setting up SEP IRA.
 
There are 7 different types of IRAs including the Traditional, Roth, SEP, Nondeductible, Spousal, SIMPLE, and Self-directed. Each IRA has its advantages and disadvantages, however for this blog post, I would like to focus on the SEP IRA.
 
A Simplified Employee Pension (SEP) provides a easy way for employers to make contributions for their employees' retirement as well as themselves. A SEP IRA is best for self-employed individuals or small business owners with few or no employees as it allows you to save and invest significantly more, as a tax deductible contribution, than you can with a traditional IRA. 
 
What are the rules?
The employers contribution cannot exceed lesser of 25% of compensation or $56,000 for 2019, subject to a $280,000 compensation cap. Must be a written plan (IRS Form 5305-SEP). Eligible employees include those that have worked 3 of the last 5 years and earned at least $600 in compensation. A separate SEP IRA should be setup for each eligible employee with the account provider, and  Each eligible employee must receive information about the SEP IRA and a copy of the written agreement (Form 5305).  
What are the pros and ... more

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