On this episode of Tax Talk, small business tax planning attorney and author of “Pay Less to the IRS: The Small Business Owner’s Guide to Tax Planning”, Patrick J. Best, Esq., discusses the advantages and disadvantages of a SEP-IRA for your small business. Special Guest Michael Raub, Registered Representative, Agent, New York Life Insurance Company: mraub@ft.newyorklife.com
Having a top tax planning attorney can be critical in selecting the right retirement account for your business and maximizing the tax advantages for you. If you’ve wondered about the pros and cons of a SEP, you need to watch this video. A SEP-IRA for self-employed individuals can be exactly what you need. This video provides an overview of the rules for a SEP as well as the pros and cons.
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Is the employee contribution a proportional match? For example, the owner contributes $20,000 based off $100,000 taxed income and therefore must contribute 20% ($10,000) to an employee who makes $50,000 a year. Is that correct?