The SEP IRA as a Last Minute Tax Strategy | Mark J Kohler | Tax Tip cpa sales tax llc

by | Aug 3, 2022 | SEP IRA | 31 comments

The SEP IRA as a Last Minute Tax Strategy | Mark J Kohler | Tax Tip cpa sales tax llc




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31 Comments

  1. Rob D.

    What about 1099 employees?

  2. Puneet Jajoo JR

    Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 50 and my wife 44 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle in the financial market made it possible for us this early even till now we earn monthly through passive income.
    Thanks to fire movement.

  3. JC Zhang

    Can i transfer my SEP IRA to a roll over IRA?

  4. Joshua Donjuan, RFC

    If I open a Sep IRA this year 2022 and put money in it can I report that deduction from my 2021 Taxes

  5. Robert Carter

    Thank you. I hope this makes you money. I appreciate the informative video.

  6. Patrick Chuang

    Is the criteria for full time employees 2 years or 3 years? In your video you mentioned 2 years but I read in other places it’s 3 years.

  7. Alpha_NY

    Hey Mark! Love your videos. I have a question. I work for Instacart but I am looking to get a SEP IRA but in application process, they are asking for EIN #. Do I need to get an EIN number even If I don't use it for Instacart just so I can open a SEP IRA or would I make a mistake doing that? I'm confused! Please help. Thank You

  8. Tenacious Trev

    This is so damn cold!!!!!!!!! Genius!!

  9. TRI CALL YOUR MAMA

    What a wealth of knowledge! Mark is the fckin man! Let’s go! SEP IRA!

  10. Paul Turner

    Mark, If you own an s-corp can't you do both a SEP IRA (employer contributions) and a SIMPLE IRA (employee contributions). Thanks

  11. DrivingWithJaz

    Thank You! Phenomenal video!

  12. Sandor Lau

    Thank you for sharing. Doing last minute sep ira. Fan of your and Mat's books. You guys do great work to empower people.

  13. SPER

    I didn't understand any of this.

  14. dont tread

    Do you have a single SEP-IRA's or multiple SEP-IRA's if multiple contributors?

    1. Would my employed (W2) and self employed (sole prop) SEP-IRA contributions go in to a single SEP-IRA, or would I be required to have two SEP-IRAs?

    2. Is there any problems with taking a SEP contribution for my sole prop income and S-Corp W2 income?

    3. Would I keep two Form 5305-SEP's for my records?

    My Sole prop income was in Q1 only. This sole prop then became a SM-LLC (S-corp election) and was my income for the rest of the year.

  15. NAM LY

    Thank you very much

  16. Yaser Hamwi

    When you convert your Sep to IRA then convert that to Roth IRA, will you pay taxes on the conversion?

  17. Vivien

    Thank you for this video! I've already visited your website and submitted a contact form for my specific question. One thing I cannot find the answer to after searching online is exactly how much withdrawals from a SEP ira are taxed after one retires… you'd think it'd be easier to find this info! So I'm debating if I should even put that much into a SEP ira, if I'm just going to be taxed on it later on.

  18. Magic Marie

    I will work for you at no cost.

  19. Jignesh Thummar

    I would say this man is Einstein of Tax world

  20. Don O

    Thank you for the great video. How would this strategy change, if one has a full-time job that has maxed out the 401k and a side business where a write-off is needed. Does the above affect the amounts that can be contributed to sep?

  21. Elda Charm

    Can you explain Sep IRA, Simple 401K, and Simple IRA? I am a small business owner. My husband and I are the 2 full time employees, and we have 4 other part time employees. Which plan is right for our small company?

  22. LNK INC

    Thank you for the video. I do have a question please, so with the 401 can we get that if we are only Self employed however, we are a S corp. So we can have all 3? Also who is good to help set things like this up, an accountant, attorney or financial planner? which one would be best to go to ? Thank you

  23. DE Media Drive

    Where is Mark these days, busy with taxes? I was wondering about his thoughts on the market and investments during this national emergency.

  24. Edwin del Carpio

    Mark, although the SEP-IRA may be a last minute tax strategy for a small business owner, you should have considered the impact the SEP-IRA contribution has on the QBI deduction. A traditional IRA contribution may be best for a small business owner (presuming they are below the AGI thresholds) as traditional IRA contributions do not affect the QBI deduction at all. For most of my small business clients I advise, preserving the QBI deduction and contributing to a traditional IRA provides much more tax savings than contributing to a SEP-IRA.

  25. Abraham Mercado

    My coworker was over hearing that our 401k was been dividend in 2 different accounts by our company ARCONIC and HOWMET AEROSPACE can they do that and is it safe…and shouldn't be only one account bot two

  26. Dave Robinson

    You are awesome Mark. Your videos are very easy to understand.

  27. Ari G

    Sooo you talked about SEP and employees but what about SEP and partners?? I am a small business owner but i am in business w my husband and some of his brothers in an LLC treated as S-corp. if i do a SEP, do i have to do it for them too? Can i even do a SEP since I have partners?? Also i live in FL. Thank you!?

  28. pierre bouboutou

    Hi Mark. Thank you for the great videos. I understand that the annual limit is also $ 6,000 for self-directed IRAs. How did Peter Thiel and Max Levchin fund theirs to respectively invest in Facebook and Yelp? Is there another strategy there that allows you to fund more money into a self-directed IRA?

  29. topgunbobby

    I'm not looking for a last minute strategy. I'm just here to get educated.

  30. Niamul Arifin

    Hi Mark, your videos inspires me all time. I am a regular follower of your videos and your videos in markjkohler.com..
    I really want you as my tax guy.

  31. Chris Burch

    This guy right here Is exactly why I contracted his CPA and Law Firms to assist me. He even inspired me to start my own YouTube channel to share what I know and can help my fellow small biz owners and Entrepreneurs! Thanks Mark!

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