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SEP-IRA (Simplified Employee Pension) |
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The SEP-IRA (Simplified Employee Pension) is a retirement plan designed for small-business owners, the self-employed and their employees. Those who qualify for a SEP-IRA can currently deduct 15% of their income (up to $22,500) each year. The beauty of this plan is its simplicity. Unlike Keogh Plans, also designed for the self-employed, there are no annual reports to file with the IRS and no trustee requirements. As with all IRAs, however, it is important to consult with a tax advisor about your specific financial situation in order to set up a plan that works best for you.
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