OVERVIEW SEP IRA contribution limit: Employers can contribute up to 25% of their compensation up to $66,000 for 2023 and $69,000 for 2024. SEP IRA contribution deadline Employers must make contributions by the federal tax filing deadline, which is normally April 15, each year. For 2023, the tax filing deadline is April 15, 2024. Can I request more time? Yes, you [...]
OVERVIEW Any business owner or self-employed individual, with or without employees, can contribute to a SEP IRA. To contribute to a solo 401k, you must not have any employees, including part-time employees who have reached 21 years of age, and have worked over 500 hours per year for 3 consecutive 12-month periods (besides your spouse). Both have a [...]
Open a solo 401k plan online in under 10 minutes – The Carry Solo 401k Plan is a featured-packed self-directed account that lets you invest in both traditional and alternative assets, take out a loan, or do a mega backdoor Roth conversion with a few clicks. One of the most common questions that comes up with [...]
Looking to reduce your taxable income this year? Maxing out a SEP IRA could give you one of the highest tax deductions possible this year. Your taxable income can get reduced by up to $61,000 in 2022 and $66,000 in 2023 by maxing out contributions to your SEP IRA. Are you self-employed or run a business with no employees? You [...]
SEP IRA OVERVIEW & FAQ What is a SEP IRA? A SEP IRA is an individual retirement account designed specifically for business owners and self-employed individuals. Contribution limits are 10x higher than a traditional IRA. What is the contribution limit of a SEP IRA? Employers can contribute up to 25% of their compensation up to $61,000 for 2022 and [...]
A SEP IRA (Simplified Employee Pension) is an individual retirement plan for business owners with or without employees. Employees can contribute up to $61,000 for 2022 or $66,000 for 2023. Contributions are made with pre-tax income and are tax deductible and tax deferred until you take qualified distributions in retirement. With a regular SEP IRA, your [...]
The SEP IRA and SIMPLE IRA are both retirement plans available to business owners. They offer higher contribution limits than a Roth or traditional IRA, and are easy to set up and maintain compared to a regular 401k plan. However, the two accounts differ in objective and function. The SEP IRA is more advantageous for business [...]
There are many different kinds of IRAs, each with its own set of rules and benefits. A traditional IRA and Roth IRA are the most similar. They have the same contribution limits and eligibility rules, but only really differ in when and how they get taxed. A SEP IRA is actually closer in function to [...]
If you’re a business owner, you have the option to open a SEP IRA or 401k at your company. These accounts can only be opened by a business owner; employees cannot establish a 401k or SEP IRA on their own, like they could with an IRA. The main difference between the two accounts is that a business owner [...]