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“For the self-employed individual, [a SEP IRA is] really an easy and cost-effective way to save a decent-sized chunk of money into a retirement plan,” says Tim Steffen, director of advanced ...
A SEP IRA allows the self-employed to create a retirement plan for themselves as well as employees. This kind of plan offers a tax-deferred or tax-free way to save – on either a pre-tax or after ...
However, some SEP IRA providers only offer self-employed SEP IRAs and SEP plans for five or fewer employees. Choose the best place to open a SEP IRA for employees by looking for low or no-fee ...
If the self-employed person does have employees, all employees must receive the same benefits under a SEP plan. Since SEP-IRAs are a type of IRA, funds can be invested the same way as most other IRAs. The deadline for establishing the plan and making contributions is the filing deadline for the employer's tax return, including extensions.
A SEP-IRA was one of the first retirement plans devised for the self-employed. With a SEP, you’re allowed to contribute up to 25% of an employee’s compensation into a SEP retirement account.
If you’re self-employed with no employees, you can make SEP-IRA contributions if you have net earnings from your business. For 2024, you can contribute an amount to your own account up to 20% or ...
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