SEP IRA: Is this the best retirement plan for small business owners?

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  • Опубліковано 21 вер 2024

КОМЕНТАРІ • 22

  • @TravisSickle
    @TravisSickle  Рік тому +1

    0:00 Intro
    0:35 Setup Process
    0:57 IRS form 5305-SEP
    1:04 SEP IRA Employee Eligibility Requirements
    2:34 IRS form 5498
    2:54 Contribution Limits
    3:38 Catch-Up Contributions
    4:08 Investment Options
    4:48 Traditional IRA and Roth IRA income limits
    7:02 SEP IRA contribution formula
    9:15 Contribution rates Publication 560
    10:41 Roth IRA + SEP IRA
    13:58 Is the SEP IRA the retirement plan for you?

  • @ItsTheSidJ
    @ItsTheSidJ 7 місяців тому

    Dude, just discovered your videos. As a new independent contractor, your videos are super super helpful. 👏👍🙌

  • @pamcovey4759
    @pamcovey4759 11 місяців тому +1

    I really appreciate you take time to answer every question so it’s help. Thank you.

  • @johndavis8669
    @johndavis8669 Рік тому

    This is probably the best plan for self-employed without needing a big amount to open an Annuity.

  • @dbest4755
    @dbest4755 Рік тому +2

    Travis - how to convert SEP IRA to ROTH IRA ? Happy New Year!

    • @johndavis8669
      @johndavis8669 Рік тому

      Downside to ROTH IRA. can't contribute big amount.

    • @dbest4755
      @dbest4755 Рік тому

      @@johndavis8669 U got that right!

  • @tonzbal_88
    @tonzbal_88 Рік тому

    Great in-depth video! Being self-employed I just opened a SEP IRA. I was wondering if my wife who has a side hustle could also open a SEP IRA for herself? We file our taxes jointly.

    • @TravisSickle
      @TravisSickle  Рік тому +1

      Yes, she can. It’s on the business side so it doesn’t matter how you file. Also consider a solo 401k.

    • @tonzbal_88
      @tonzbal_88 Рік тому

      @@TravisSickle Could I have both a SEP IRA and Solo 401K?

  • @yrs94
    @yrs94 26 днів тому

    Can I open a sep IRA for a LLC partnership where partner is a silent partner and there are no employees or employers other than the partners? Thanks so much

  • @manuvns
    @manuvns Рік тому

    if i am s-corp with myself running my payroll and w2 when do i contribute to my SEP IRA. ? every payroll or end of the year

    • @TravisSickle
      @TravisSickle  Рік тому +1

      The SEP IRA is employer only funded and can be deposited anytime before you file your s-corp tax return.

  • @DaveTalksBusiness
    @DaveTalksBusiness Рік тому

    If I built a business that was automated and everyone knew what their duty was, then I could make money in my sleep. That's the Holy grail, right?

  • @kunalamin8
    @kunalamin8 9 місяців тому

    Is there any employer only contribution plan for small businees?

    • @TravisSickle
      @TravisSickle  9 місяців тому

      Yes

    • @kunalamin8
      @kunalamin8 9 місяців тому

      Could you please share here? I mean business doesn’t need to contribute for employees.

    • @TravisSickle
      @TravisSickle  9 місяців тому +1

      @kunalamin8 join the discord chat, link in description