The SEP IRA as a Last Minute Tax Strategy | Mark J Kohler | Tax Tip cpa sales tax llc
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Published 2020-03-03
The SEP strategy! Let us implement this last-minute strategy to help you save! 6 things that you probably didn't know you could take advantage of this tax season.
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All Comments (21)
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I am a lease operator for a trucking company and get a 1099. So far I've been able to use my lease payment of $1800 a month as a deduction but it's about to be paid off by the end of the year so I could only claim depreciation. If I continue to work the same next year even though the trucking industry has been quite volatile lately with low rates and high fuel etc. I would expect to make about the same gross. I don't want to hit the next tax bracket and thought I might just not work for the last 4 months of next year, which winter is kind of rough regardless. I was doing like a Squirrel trying to hide my nuts starting with an HSA account and IRA when my bank suggested a SEP IRA which I've never heard of in my entire life. I want to go into 2023 as well prepared as possible. I've been a company driver for 14 years and just started a lease three years ago after my company went bankrupt and closed. I suppose it was a blessing. I really went into trucking for the passion of driving...not necessarily to be an entrepreneur...but here I am...doing it. If I fail I fail on my own, not due to a company closing its doors. I really thank God for always putting the right people in my path for guidance like this. Thank you ❤️
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What a wealth of knowledge! Mark is the fckin man! Let’s go! SEP IRA!
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It’s a good promotional video. If you speak fast and scratch unclear diagrams the self employed crowd would hire you to deal with the complex issue. All, go to the IRS site, read about SEP and you could pull it out by yourself. You don’t have to hire investing company! SEP is made to be simple. I’m sure you don’t have 10,000 or 20,000 to put away into IRA, but you can find 2-4k! And you don’t pay taxes on that amount. So, pay it all in taxes, or establish SEP or 401K for yourself. You still are going to pay taxes on your ERA withdrawals later.
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What if you have multiple companies ???
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This is so damn cold!!!!!!!!! Genius!!
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If an s corp wanted to take advantage of a last minute SEP IRA, would they have to match contributions to part time/contract employees that worked for less than 6 months in the calendar year, or would the requirement 2 year full time employees apply to this situation? I saw that rule when you discussed the 401 k part.
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Thank you for sharing. Doing last minute sep ira. Fan of your and Mat's books. You guys do great work to empower people.
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If you have a sole proprietorship (husband and wife) in a community property state and you open a SEP IRA do you need to contribute separately for both husband and wife or can you contribute into a single account?
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Hi Mark. Thank you for the great videos. I understand that the annual limit is also $ 6,000 for self-directed IRAs. How did Peter Thiel and Max Levchin fund theirs to respectively invest in Facebook and Yelp? Is there another strategy there that allows you to fund more money into a self-directed IRA?
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You are awesome Mark. Your videos are very easy to understand.
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Hey Mark! Love your videos. I have a question. I work for Instacart but I am looking to get a SEP IRA but in application process, they are asking for EIN #. Do I need to get an EIN number even If I don't use it for Instacart just so I can open a SEP IRA or would I make a mistake doing that? I'm confused! Please help. Thank You
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Thank you very much
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It really all is ridiculously confusing…why do they make it so damn difficult??…and now they allow SEP Roth IRA get no institutions have the capability to offer it…what’s the point
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Thank You! Phenomenal video!
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Thank you for this video! I've already visited your website and submitted a contact form for my specific question. One thing I cannot find the answer to after searching online is exactly how much withdrawals from a SEP ira are taxed after one retires... you'd think it'd be easier to find this info! So I'm debating if I should even put that much into a SEP ira, if I'm just going to be taxed on it later on.
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Where is Mark these days, busy with taxes? I was wondering about his thoughts on the market and investments during this national emergency.
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Thank you for the video. I do have a question please, so with the 401 can we get that if we are only Self employed however, we are a S corp. So we can have all 3? Also who is good to help set things like this up, an accountant, attorney or financial planner? which one would be best to go to ? Thank you
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What about 1099 employees?
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Mark, If you own an s-corp can't you do both a SEP IRA (employer contributions) and a SIMPLE IRA (employee contributions). Thanks
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Can i transfer my SEP IRA to a roll over IRA?
