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Retirement accounts for the self-employed. ... and you won’t pay extra fees. With a solo 401(k), you can make an employee contribution – up to $23,000 in 2024 – as well as an employer ...
Here’s a a roundup of five retirement account for small business owners: SIMPLE IRA (Savings Incentive Match Plan for Employees Individual Retirement Account) SIMPLE IRAs are exclusive to small ...
This is a retirement account established by a small business owner or self-employed person for themselves (and if applicable, any employees). Income taxes : Your contributions will reduce your ...
A Simplified Employee Pension Individual Retirement Arrangement (SEP IRA) is a variation of the Individual Retirement Account used in the United States. SEP IRAs are adopted by business owners to provide retirement benefits for themselves and their employees. [1] There are no significant administration costs for a self-employed person with no ...
Whether you're self-employed, a small-business owner or a more traditional employee, there are good retirement plan options for you. Read The 9 Best Types of Retirement Accounts from Money Talks News.
Scenario #3 – An entrepreneur who owns a small marketing firm makes $400,000 per year. She wishes to contribute as much as possible to a retirement plan in order to minimize her current taxes. She could contribute up to $11,500 for a SIMPLE IRA, $49,000 to a SEP-IRA, or up to $50,000 (contribution cap for 2012) in a Keogh plan.
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