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The SEP IRA is one of the best ways for small businesses and individual business owners to help employees save for retirement, and they’ll be able to contribute even more in 2025 than in 2024.
The deadline for 2024 IRA contributions The IRS lets you make 2024 IRA contributions until the tax deadline -- April 15, 2025. This is the deadline even if you request an extension to file your taxes.
SEP-IRA contributions are treated as part of a profit-sharing plan. For employees, the employer may contribute up to 25% of the employee's wages to the employee's SEP-IRA account. For example, if an employee earns $40,000 in wages, the employer could contribute up to $10,000 to the SEP-IRA account.
The solo 401(k) and SEP IRA have contribution limits, and you’ll need to follow the rules closely. ... You’ll have until the tax deadline to contribute, and the HSA contribution limit for an ...
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However, your maximum contribution to the SEP IRA and the 401(k) together is $69,000 in 2024 or $70,000 in 2025, including both employer and employee contributions.