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Tax Planning for Entrepreneurs: Are SEP IRA Contributions Tax Deductible?

SEP IRA Tax Deductible

Source: questira.com

Owning and running your own business or even freelancing gives you the independence and freedom of doing what you want, on your terms. It is indeed a powerful feeling. But, where there is such freedom, there is a catch, what about saving for retirement? Who will do that for you?

For business owners, freelancers and self-employed individuals, a Simplified Employee Pension or SEP IRA is a great way to save for retirement, help employees build a nest egg and take some tax credit in the process. Let’s take a closer look at the tax advantages offered by these plans.

SEP IRAs let you make tax deductible IRA contributions for yourself and your employees in a simple and inexpensive manner. If you’d like to learn more, get in touch with the experts at Self Directed Retirement Plans today!