As a 1099 member of staff, my accountant have mentioned to me I should unscrew a SEP?
What is a SEP? How would a 1099 hand (I hold become incorporated as well) benefit from a SEP, and how is a SEP different from the IRA I already enjoy? Is in that a duty benefit?
Answers:
You attain to put more into a SEP than an IRA. For 2007 regular IRA is restricted to $4,000 contribution ($5,000 if age 50 or older). SEP contribution restriction is lessor of 25% of your compensation up to $225,000 or $45,000. As to establishing one, hopefully your accountant could relieve beside that directly or know someone within financial services to recommend. As to import tax benefit, the more you can contribute, the lower your AGI.
A sep is an IRA for self employed inhabitants. By putting money into one you can lessen your taxes. Its not so different than the (probably traditional) IRA you already own - its only just teh verious of the IRA for general public who are self-employed.
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Answers:
You attain to put more into a SEP than an IRA. For 2007 regular IRA is restricted to $4,000 contribution ($5,000 if age 50 or older). SEP contribution restriction is lessor of 25% of your compensation up to $225,000 or $45,000. As to establishing one, hopefully your accountant could relieve beside that directly or know someone within financial services to recommend. As to import tax benefit, the more you can contribute, the lower your AGI.
A sep is an IRA for self employed inhabitants. By putting money into one you can lessen your taxes. Its not so different than the (probably traditional) IRA you already own - its only just teh verious of the IRA for general public who are self-employed.