Simplified Employee Pension (SEP)

Explore SEP and SIMPLE retirement plans for your small business

Leave a Comment / Employees, Savings Incentives Match Plans for Employees (SIMPLEs), Simples, Simplified Employee Pension (SEP), Small Business, Small Business Owners, Small Business Tips / Douglas Freeman

Suppose you’re thinking about setting up a retirement plan for yourself and your employees. However, you’re concerned about the financial commitment and administrative burdens involved. There are a couple of options to consider. Let’s take a look at a Simplified Employee Pension (SEP) and a Savings Incentive Match Plan for Employees (SIMPLE). SEPs offer easy […]

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Turn a summer job into tax savings: Hire your child and reap the rewards

Leave a Comment / Federal Income Tax, Federal Unemployment (FUTA Tax, Hiring Your Child In the Summer, Income Tax, Individual Income Tax, Roth IRA, Simplified Employee Pension (SEP), Small Business Tax Tips, Social Security Tax, Summer Employees / Douglas Freeman

With summer fast approaching, you might be considering hiring young people at your small business. If your children are also looking to earn some extra money, why not put them on the payroll? This move can help you save on family income and payroll taxes, making it a win-win situation for everyone! Here are three

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You may be able to make a deductible IRA contribution for last year this year

Contributions, IRA, Modified Adjusted Gross Income (MAGI), Roth IRA, Simplified Employee Pension (SEP), Small Business Owners, Tax Return, Taxes 2024, Traditional IRA / Douglas Freeman

If you’re getting ready to file your 2024 tax return and your tax bill is higher than you’d like, there may still be a chance to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA until this year’s April 15 filing deadline and benefit from the tax savings on

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3 types of retirement plans for growing businesses

401K, Fringe Benefits For Employees, IRA, Retirement, Savings Incentives Match Plans for Employees (SIMPLEs), Simplified Employee Pension (SEP), Small Business, Small Business Owners / Douglas Freeman

When start-ups launch, their focus is often on tightly controlling expenses. Most need to establish a brand and some semblance of stability before funding anything other than essential operating activities. For companies that make it past that tenuous initial stage, there comes a time when they must loosen up the purse strings and start investing

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The amount you and your employees can save for retirement is going up slightly in 2025

401K, Contributions, Employees, Internal Revenue Service (IRS), Retirement, Savings Incentives Match Plans for Employees (SIMPLEs), Simplified Employee Pension (SEP) / Douglas Freeman

How much can you and your employees contribute to your 401(k)s or other retirement plans next year? In Notice 2024-80, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for retirement plans, as well as other qualified plans, for 2025. With inflation easing, the amounts aren’t increasing as much as in recent

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How can you build a golden nest egg if you’re self-employed?

401K, Federal Taxes, IRA, Self Employed, Simplified Employee Pension (SEP), Small Business Owners, Solo 401 (k) / Douglas Freeman

If you own a small business with no employees (other than your spouse) and want to set up a retirement plan, consider a solo 401(k) plan. This is also an option for self-employed individuals or business owners who wish to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan. A solo 401(k), also

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Don’t have a tax-favored retirement plan? Set one up now

401K, IRA, Retirement, Self Employed, Simplified Employee Pension (SEP), Sole Proprietors, Tax Deduction, Tax Planning, Tax-Advantaged Retirement Plan, The SECURE Act / Douglas Freeman

If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example, if you’re self-employed and set up a SEP-IRA, you can contribute up to 20% of your self-employment earnings, with a maximum contribution of $69,000 for

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If you didn’t contribute to an IRA last year, there’s still time

IRA, Roth IRA, Simplified Employee Pension (SEP), Traditional IRA / Douglas Freeman

If you’re gathering documents to file your 2023 tax return and you’re concerned that your tax bill may be higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the April 15, 2024, filing date and

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11 Exceptions to the 10% penalty tax on early IRA withdrawals

IRA, IRA Early Withdrawal, Savings Incentives Match Plans for Employees (SIMPLEs), Simplified Employee Pension (SEP), Traditional IRA / Douglas Freeman

If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one before you’ve reached age 59½. For this purpose, traditional IRAs include simplified employee pension (SEP-IRA) and SIMPLE-IRA accounts. Here’s what you need to know about the tax implications, including when the 10%

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Investment swings: What’s the tax impact?

(LTCG) Net Long-Term Capital Gain, 401K, Capital Gains, Federal Taxes, Investment, Investment Income Tax (NIIT), Roth IRA, Self Employed, Self Employment Tax, Simplified Employee Pension (SEP), Stock Market, Tax Planning, Tax-Deferred Retirement Accounts, Taxes 2023, Traditional IRA / Douglas Freeman

If your investments have fluctuated wildly this year, you may have already recognized some significant gains and losses. But nothing is decided tax-wise until year-end when the final results of your trades will reveal your 2023 tax situation. Here’s what you need to know to avoid tax surprises. Tax-favored retirement accounts and taxable accounts. If

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