Are you a self-employed business owner that is looking for a cost effective to lower your taxes and help you save for retirement?
If that fits your profile then opening a SEP (Simplified Employee Pension) IRA might be a good retirement account to start for your business.
When I was researching what would be the best retirement plan to set up for myself when I first became self-employed, I narrowed it down between the SEP IRA and the Solo 401k.
Both allowed very favorable contribution limits, but the administrative costs and ease of setting up made the SEP IRA the easy answer.
If you are considering opening a SEP IRA for your business, here’s what you need to know about the SEP IRA rules and contribution limits and how easy it is to open one.