In preparation for the 2020 tax season, please be aware some of our customers may be receiving duplicate tax forms. The forms were prepared and sent from two different sources, so while the information is the same, the form looks different. We would like to assure everyone that the information has only been reported to the IRS once, and that it will not affect your tax obligation. You should keep one of the forms for your tax preparer and discard the duplicate.
SEP IRA
SEP IRA
Help provide for the future and improve the benefits package for you and your employees with this retirement plan. You can contribute a certain percentage each year of each eligible employee’s compensation directly to the employee IRA. Your employees will thank you!
Benefits
- Ideal for businesses of any size or self-employed individuals
- Gain the respect of your employees
- Help employees reach their retirement savings goals
- Employee always has complete ownership of all SEP IRA money
- Earn competitive interest on entire balance
- Contributions are tax deductible; your business pays no taxes on earnings
- Contributions made only by the employer
- Only self-employed may make contributions on their own behalf
- Little to no documents to file with government
- Inexpensive to set up and operate
- Flexible annual contributions – good plan if cash flow is unpredictable
- Can contribute up to 25% of each participant’s annual compensation (earned income)
- Or, up to the maximum allowable limit for current plan year, whichever is less*
- Must contribute equally for all employees
- Employee must first establish a Traditional IRA, in which the employer will deposit SEP contributions
- No minimum deposit to open