SEP-IRA Accounts for Small Business Owners

SEP-IRAs are designed for business owners with few or no employees. Contributions are tax-deductible and contributions are based upon your compensation.  If you have employees and contribute to you own SEP-IRA, you must contribute to all eligible employees and full investing is immediate. Please consult a tax advisor to determine how much you can contribute for yourself and any eligible employees.

SEP-IRA Contribution Limits for 2023

You may contribute up to 25% of compensation (20% if self-employed) or $66,000, whichever is less.

Benefits of a SEP-IRA

Investment growth will be Tax-deferred  — Investment will grow tax deferred with compound interest until retirement.

Investment Choices  — Allows you many investment choices, enabling you to meet your long-term financial goals and invest the money based upon your risk tolerance.

Current year contributions may be tax deductible — You may be able to deduct all or part of your contributions from your federal income taxes. Please consult a tax advisor to determine how much can be deducted from your tax return.

Schedule a Meeting to Learn About SEP-IRA Accounts

If you are looking to create income for your retirement years, contact Safe Harbor to learn more. We offer a complimentary consultation to review your existing retirement plans and can provide guidance on the right IRA Account solution that will provide the money you need to live comfortably in your golden years. Contact us here or call at 614-760-0670 to schedule your initial consultation or to learn more about SEP-IRA accounts.