3 ms·
Why not look into SEP, simplified employee pension plans. The limitation for last year and this year is $49,000. You sound rich lol, so why not just get this
by camz 16y ago
Why not look into SEP, simplified employee pension plans. The limitation for last year and this year is $49,000. You sound rich lol, so why not just get this plan and start socking away money. You can put up to the lesser of 25% of wage income or 20% of self-employed before self-employed tax deduction is included (turns out to be about 18.25%)
Other options depends on what you're income is. But SEPs are great ways to just shove massive amounts of money away.
Note: If you have employees, the SEP can get a bit annoying and complicated. Its best for the small business owner that is operating primarily on his own. but, it could still be a great idea, even if you have employees.