This week we bring you another tax strategy that may save you extra dollars, while not mandatory (or even recommended) before the end of the year – we thought it would go well with our year end tax savings series.
Recently in our end of the year tax strategies, we discussed the HSA ,visited Pushing Income , Optimizing Donations, and IRA Distribution, and the Roth Conversion to maximize your tax deductions. This weeks topic is the SEP or Simplified Employee Pension !
- Offsets Non-W-2 income
- Can set aside 25% of the adjusted income – after expenses
- High maximum of $53k in 2015 – careful with other plan integration- see next
- Can be integrated with other plans- upper limits still exist
- Invested in almost any asset – think of it as a super IRA because of the higher amount of contributions
Check with your tax professional or ask your tax software provider to “Maximize deductions” … Not to worry, we will remind again during tax season!!
Any questions– just reach out- we will be glad to help!
Have a Great — Less Taxable — Day!
John A. Kvale CFA, CFP
8222 Douglas Ave # 590
Dallas, TX 75225