Retirement Archives | TL;DR Accounting

SEP-IRA Contributions: Everything You Need to Know

24

Oct

Newsletter, PLLC, RetirementGetting Started

SEP-IRA Contributions: Everything You Need to Know

https://youtu.be/Xjew60bp-9Y Have you established a SEP-IRA and are wondering if you’re doing it right? Or perhaps you’re considering establishing a SEP-IRA for you and your employees. Or maybe you’ve never heard of it or otherwise don’t know what a SEP-IRA is. Don’t worry, we’ve got you covered. What Is a SEP-IRA? Let’s start by spelling out the cumbersome acronym: SEP-IRA stands for Simplified Employee Pension - Individual Retirement Account. You’ve probably heard of IRAs before, but even if you haven’t, here are some basic facts about IRAs and SEP-IRAs: First, let’s talk about the two different types of IRAs and…

Accounting for your Therapy Practice

We are hosting a two-hour class for new Practice Owners in February! Come join us and learn about accounting, taxes and your numbers. Does this sound like you? Wondering if you are keeping track of all of your expenses Asking yourself what some of this means? Been stumped at trying to figure out what you should pay yourself? Wanting to save for retirement but not knowing how? If so you should check out our class page and sign up for the class. TL;DR: If you are a new practice owner or have been in business less than a year this…

What retirement accounts can I have?

What Retirement Accounts are Available for Someone Who is Self-employed or a Small Business Owner? Well…it depends (you knew that was coming right?). Before giving an answer, I always ask: How many employees do you have? Are you an S-Corporation? How much do you want to contribute to your retirement accounts? Do you want as simple a solution as possible? Three types of accounts work best for small business owners or freelancers: Simplified employee plan (SEP) IRA Solo 401(k) Simple IRA *less half of your self-employment tax What does…