Not only can self-employed individuals accumulate retirement assets on a tax-deferred basis, they can also write off current contributions within generous limits. As with health insurance premiums, retirement plan contributions made by self-employed individuals are deductible “above the line.”
Your retirement plan options range from easy-to-administer plans — such as Simplified Employee Pension (SEPs) or Savings Incentive Match Plans for Employees (SIMPLEs) — to more-complicated solo 401(k) plans and Keogh plans specifically designed for self-employed individuals. Generally, the limits are the same as they are for comparable employer-sponsored plans.
For guidance on this valuable deduction and other tax planning strategies, contact our professionals at 315.424.1120 or [email protected].
Grossman St. Amour CPAs provides businesses and individuals with accounting, audit, taxation, business planning and valuation, financial planning, investment consulting, and fraud examination and deterrence services. For more information about how Grossman St. Amour CPAs PLLC can be of service to you, contact our professionals.
