Category Archives: SEP IRA

SEPs vs. IRAs: How They are Similar, How They are Different

Small-business consultant Barbara Weltman recently reminded her readers about SEP plans for business owners (SEP stands for simplified employee pension). The basis of her article was that these retirement plans are sometimes treated like an IRA (individual retirement arrangement), sometimes not when it comes to tax law. Since we have clients who own their own…
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2014 Pension Plan Limitations Announced by IRS

The Internal Revenue Service announced some cost-of-living adjustments (COLA) for the 2014 tax year. These adjustments affect employer-sponsored retirement plans such as 401(k)s, defined benefit plans, simplified employee pension plans (SEP IRAs), savings incentive match plans (SIMPLE IRAs) and Roth and Traditional IRAs. A few did not change but many did; you can read the…
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What is a SEP IRA? Are you Ready for One?

SEP stands for Simplified Employee Pension plan; this type of retirement plan allows self-employed individuals and small-business owners to make contributions toward their retirement and that of their employees (if applicable) with some excellent tax advantages. A separate account must be set up for each employee. These plans are typically offered in companies with 25…
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Fourth Quarter Reminders about IRA Contributions and Withdrawals

With the last quarter of 2013 upon us, many Americans will make year-end contributions to their retirement plans; however, many individuals are not aware of current contribution limits and eligibility requirements for their Roth or traditional IRAs. All IRAs have eligibility and contribution restrictions based upon your income, age, and employment status. There are also…
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How To Set Up A Self Directed IRA

Looking to estabish a Self Directed IRA, Self Directed Retirement Plan, or Real Estate IRA? Next Generation Trust Services, a self directed IRA administrator based out of Northern New Jersey, presents the basic steps to filling out the application paperwork to get your self-directed retirement account open! Control Your Future, Today!
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What is a SEP IRA ?

Source: IRS.gov   A SEP is a simplified employee pension plan. A SEP plan provides employers with a simplified method to make contributions toward their employees’ retirement and, if self-employed, their own retirement. Contributions are made directly to an Individual Retirement Account or Annuity (IRA) set up for each employee (a SEP-IRA). See Publication 560…
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