For your convenience, 5498 Tax Forms are available online on the Client Portal. Also, if you need to make a fee payment, please use e-bill express. Thank you for your business.
For your convenience, 5498 Tax Forms are available online on the Client Portal. Also, if you need to make a fee payment, please use e-bill express. Thank you for your business.
For your convenience, 5498 Tax Forms are available online on the Client Portal. Also, if you need to make a fee payment, please use e-bill express. Thank you for your business.
A SEP IRA allows employers to set aside money in tax-advantaged retirement accounts for themselves and their employees. A business of any size, including self-employed individuals can establish a SEP.
Key Advantages:
Is this retirement account right for you?
Easy to set up and maintain - requires Form 5305-SEP to accompany account application
Flexible annual funding requirements
Allows for profit sharing for small companies to create large pre-tax deductions to the businesses’ income as well as the employer’s deductions
Often simpler to establish than a 401k plan or other such group plan for small businesses
Eligibility:
Available to self-employed individuals and small business owners including those with employees
Includes sole proprietors, partnerships, C corporations, S corporations
Funding the Account:
Employer contributions
Same limits on contributions made to employees’ SEP-IRAs also apply to contributions if you are self-employed with some exceptions
2020 & 2021 Contributions:
Up to 25% of compensation to a maximum of $57,000 for 2020 and $58,000 for 2021.
Withdrawals:
Withdrawals:
Withdraw at any time but a 10% penalty may apply if you are under age 59 ½.
