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SEP IRA news Retirement Plans for Solo Entrepreneurs
Kristine McKinley Saving for retirement is even more important for solo-entrepreneurs because you don't have a company sponsored pension plan or matching 401K contributions to rely on. There are many retirement plans available to self employed individuals and small businesses. Which one is right for you? Here is just a sample of the retirement plans available to solo-preneurs and small businesses: Roth IRA - although this is not just for ... Saving With a SEP IRA Retirement Fund
Saving With a SEP IRA Retirement Fund Dean Novosat When planning for retirement, one option for some people is the SEP IRA. The SEP IRA stands for simplified Employee Pension Individual Retirement Account. This is a special type a retirement plan designed for small business and the self-employed. It was designed by the government to be a simple and easy retirement plan to set up and administer. Is not merely as complicated and has far fewer rules that retirement ... SEP IRAs: A Path to More Retirement Income?
Robert D. Cavanaugh, CLU A SEP IRA is a plan that may allow you to put away more tax deductible dollars for retirement. For employers, SEPs are a simple way to establish a retirement plan for employees without many of the restrictions that apply to other qualified plans and without the mounds of paperwork. Here, however, we are going to talk about how a SEP IRA could allow you to save more for retirement if you have self-employment income outside of your job or ... Rules for Simplified Employee Pension Plans better known as a SEP Plans
Rules for Simplified Employee Pension Plans better known as a SEP Plans Harald Anderson A SEP is a special type of IRA. Under a SEP plan the employer creates an IRA account for each eligible employee, hence the name SEP-IRA. A SEP is funded solely with employer contributions. Employees do not make contributions to their SEP-IRA retirement account. Any money that goes into a SEP automatically belongs to the employee. Thus, the ... Simplified Employee Pension Plans in the Small Businesses
by Jeffrey S. McLeod Do you work for a small business or for yourself and want to know if you will be safe and secure when you retire? Small businesses or self-employed individuals can provide benefits so you or the individual can have peace of mind. They can set up Simplified Employee Pension (SEP) plans. A SEP plan allows an employer to make contributions toward an employees' retirement, and if self-employed, his or her own retirement. The SEP rules permit an ... Self Employment Pensions
Tony Robinson As a member of the rank and file of self-employed, I can tell you that it is one of the most wonderful ways to make a living. It is also one of the best ways to never plan for retirement, and turn around at age 65, with nothing but Social Security to fund your retirement years. But, it doesn't have to be that way. Thanks to the creation and passage of the Self Employment Pension options, more Americans have the opportunity to save money, tax free, in order to ... Simplified Employee Pensions
Ken Morris Extensive paperwork, high costs and complicated administration associated with certain qualified retirement plans may cause many small businesses to shy away from establishing any retirement plan at all. This may be true of your small business, even though you recognize the many tax and employee retention benefits of providing a plan. Whether you are a doctor, lawyer, free-lance writer, artist, manufacturer's representative or another type of self-employed ... Is a SEP plan right for your business.
By Daniel Lamaute A SEP is a special type of IRA. Under a SEP plan the employer creates an IRA account for each eligible employee, hence the name SEP-IRA. A SEP is funded solely with employer contributions. Employees do not make contributions to their SEP-IRA retirement account. Any money that goes into a SEP automatically belongs to the employee. Thus, the employee has the right to take his SEP IRA account money with him whenever he stops working for the ... |
On the web: Tax tips: Give yourself some breaks (The Arizona Republic)Even if you don't itemize, these deductions are available, and valuable. How to Salvage Your Retirement (WallStreet Journal via Yahoo! Finance)Almost 30% of those who have already retired have saved nothing at all to support themselves, while only a third have saved at least $50,000. Instead they were relying on ... what? Santa Claus? First United Corporation Announces 2009 Financial Results and Declaration of Dividend (PR Newswire via Yahoo! Finance)First United Corporation , a financial holding company and the parent company of First United Bank & Trust, today announced a net loss attributable to common shareholders for the year ended December 31, 2009 of $12.8 million, or per common share, compared to net income available to common shareholders of $8.9 million, or $1.45 per common share, for 2008. Â The decrease in net income resulted ... If you're your own boss, try this pension plan (Boston Herald)I'm self-employed and in the process of preparing my taxes for 2009. Is there any way I can contribute more... Know rules before converting to Roth IRA (The Naperville Sun)"Converting from a traditional to a Roth IRA is a hot topic this year," according to Karen Chan, certified financial planner and consumer and family economics educator with University of Illinois Extension."As of 2010, anyone is eligible to convert. This is the only year in which a taxpayer can convert but spread the taxable income across two years, 2011 and 2012. But barring new legislation ... Know your best options for receiving, investing tax refund (Seattle Times)Taxpayers who are getting refunds have more options in how they receive their cash from the Internal Revenue Service. What used to be the most common form of refund — the check — is now the least effective. Know options for receiving tax refund (The Record and Herald News)With the tax filing season in full swing, taxpayers who are getting refunds have more options in how they receive their cash from the Internal Revenue Service. CCH Lists Ten Ways to Reduce Your Taxes Whether You Itemize or Not (redOrbit)IRA deductions - The maximum deduction per year for an Individual Retirement Account (IRA) is $5,000 for 2009. Individuals 50 and older can make an additional catch-up contribution of up to $1,000. You can still reduce your taxes through an IRA contribution. Contributions made up to the return due date, without extensions, are treated as made on the last day of 2009.Student loan interest - If ... CCH Lists Ten Ways to Reduce Your Taxes Whether You Itemize or Not (PR Newswire via Yahoo! Finance)You don't have to itemize to find opportunities for savings on your taxes, according to CCH, a Wolters Kluwer business and a leading provider of tax, accounting and audit information, software and services . Kenneth Petersen: Retirees save more with 401(k) (The Monterey County Herald)Q: I am a physician earning $150,000 per year and my wife is a real estate agent earning about $100,000. We are paid as independent contractors and report our income on Schedule C of our federal tax return. We each have SEP-IRA accounts for retirement savings, but would like to contribute more. |
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