Can Real Estate Pros Use a SEP-IRA for Retirement Savings? 🤔 Find out how self-employed real estate professionals can utilize a SEP-IRA for retirement savings and secure their financial future. 💰 #realestate #retirementsavings #SEPIRA

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Hey, my name is Wayne Scully, owner of W. SCULLY, CPA, PC, and I am a tax and business strategist. Our focus is to provide solutions to landlords, flippers and real estate pros in the NY Tristate area. My firm offers tax compliance, business consulting, and high value tax planning strategies to save thousands of dollars.
Wayne migrated from Jamaica in the 1990s; now lives in Queens, NY. He enjoys biking, running, & strength training. He is a proud father of one.
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Book Description: Do you want to effectively navigate the IRS tax maze? If your answer is yes, then this book is for you. But, even if you only want to learn more about taxes, this book is for you because it’s chock full of great information for every taxpayer. Unlock the answers to some tax traps and pitfalls, and save money. The author interjects humor and interesting stories focused on real taxpayer interactions to illustrate ways your problems can be solved. Tax problems can find you, whether you are black or white, rich or poor, self-employed or employed by someone. The main thing to remember is that there is a solution to every tax problem.

This book discusses often forgotten or unknown taxpayer rights and protections; negotiating installment agreements; ways to effectively abate or get rid of penalties, and even interest. On radio and TV adverts, tax resolution companies talk a lot about “pennies on the dollar” settlements, which are often not so simple. Therefore, the book debunks myths associated with the offer-in-compromise program. Liens and levies are scary, because who wants to lose their assets, so it tackles those topics too.

The book addresses a few tax planning topics toward the end, because the author believes it is important to find legitimate ways to lower your taxes, so you lower your risk, and negative results of a tax audit by the big, bad IRS. From selecting the right entity type for your business to are you operating a hobby or for-profit business, are some tax planning topics this book covers to help you legally WIN the tax game!…(read more)

LEARN MORE ABOUT: IRA Accounts

INVESTING IN A GOLD IRA: Gold IRA Account

INVESTING IN A SILVER IRA: Silver IRA Account

REVEALED: Best Gold Backed IRA

Real estate professionals, like many self-employed individuals, have a variety of retirement savings options available to them. One such option that may be particularly appealing to real estate pros is the Simplified Employee Pension Individual retirement account (SEP-IRA).

A SEP-IRA is a retirement account specifically designed for self-employed individuals and small business owners. It allows individuals to contribute a percentage of their income to the account, up to a certain limit each year. Contributions to a SEP-IRA are tax-deductible, which can help lower the individual’s taxable income each year.

Real estate professionals often have fluctuating incomes, due to the nature of their work. A SEP-IRA can be a great way for these individuals to save for retirement while also taking advantage of tax savings. By contributing a percentage of their income to a SEP-IRA each year, real estate pros can build a substantial nest egg for retirement, all while reducing their tax burden.

Another benefit of a SEP-IRA for real estate professionals is its flexibility. There are no income limits for contributing to a SEP-IRA, and individuals can vary their contributions each year based on their income levels. This can be particularly helpful for real estate pros who may experience significant fluctuations in their income from year to year.

Furthermore, SEP-IRAs are relatively easy to set up and maintain, making them a convenient option for busy real estate professionals. Individuals can open a SEP-IRA through a financial institution or brokerage firm, and there are typically few administrative requirements to fulfill.

In conclusion, real estate professionals can certainly use a SEP-IRA for retirement savings. This retirement account offers tax advantages, flexibility in contributions, and ease of setup and maintenance, making it an attractive option for self-employed individuals in the real estate industry. By taking advantage of a SEP-IRA, real estate pros can set themselves up for a comfortable retirement while also maximizing their tax savings.