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These plans include simplified employee pensions (SEP-IRAs), solo 401(k) plans for the self-employed, and the Simple IRA.Each plan is relatively inexpensive and includes features that make it more or less suitable for different kinds of small businesses.It can be difficult for small-business owners to navigate the complexities involved in choosing a good retirement plan.
Take a big step today and take advantage of all that is available in the marketplace – consult an independent financial professional and a CPA to review your options and find the program that fits your needs.
It allows different levels of compensation to different groups within a small business.
If you are reading this, you are probably thinking about putting a plan into place or switching to a retirement program more easily administered than the one you have now?
A Simplified Employee Pension plan lets you make contributions toward your retirement and your employees’ retirements.
(You can even have a SEP and another kind of retirement plan at your business simultaneously.) A SEP allows business owners annual tax-deductible contributions equal to 25% of your compensation (if you have a corporation) or 20% of self-employment income (for a sole proprietor). Yes, you can have a 401(k) when you are self-employed.