Music, hello everybody. I'm know-it-all Paul. This week's episode, if you're a business owner, I'm going to show you how you can save a bundle on your taxes. It's called a SEP IRA, short for self-employed pension plan. Now, the government doesn't give you many breaks, but this is by far one of the largest, and it's a great way to reward your employees for working so hard day in and day out. As a business, you can contribute up to 25 percent of an employee's compensation or $53,000, whichever is less, and you can do it every single year. You have to do it, though, by the business tax deadline. It's tax-deductible to the employer and grows tax-deferred for the employee. Now, the employee is 100% invested right away. You can open them at a bank, insurance company, investment firm in person or online. You can invest in almost anything in there: annuities, bonds, CDs, mutual funds, and stocks. Now, you can change the contribution percentage any year you want to. However, you have to do the same percentage for every single employee. No showing favorites here. Now, you can make the eligibility as lenient as you want to. However, if an employee meets the following criteria, they're automatically included: if they're 21 years or older, if they earn $600 or more the past year, and if they work for you three of the last five years. Now, for the employee, if you cash out before you're fifty-nine and a half years of age, the government's going to tax you on it and penalize you 10 percent because this is meant for your retirement. If you wait until that age, they're only going to tax you on it. Remember, it's never been taxed before; anything still in the IRA....
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Irs 5305-sep 2023 Form: What You Should Know
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