Music hello I'm Michael Ruger I'm a certified financial planner and a managing partner Greenbush Financial Group and today I'll be talking to you about SEP IRAs so set by arrays are a type employer sponsored retirement plan it's actually one of the most common plans for sole proprietors and small employers because they're very easy to set up and they're very inexpensive to sponsor now SEP stands for simplified employer pension and the great thing about these plans is they're one of the very few plans that you can establish after 12:31 so you go in and you meet with the accountant and the account gives you the horrible news that you have this huge tax liability one of the few tools that you still have in your arsenal is a SEP IRA because it can be established up to your tech filing deadline plus extension and also funding in that time period as well so it can be kind of something you can pullin in the ninth-inning and all of a sudden use that your tax advantage now the way steps work is the contribution is a percent of your net earned income so the max limit that you can put in is twenty percent of your net earned income you can always do less than that you can do five percent ten percent but the max amount is twenty percent now when you're funding these the issue is if you start to get employees that are eligible so you hire some employees or you start taking on employees you can have this set by array you have to be very careful because these plans get expensive very quickly because SEPs a hundred percent employer funded they're not like 401ks where the employees contribute and the employer contributes...
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Irs 5304-sep Form: What You Should Know
If you allow plan participants to choose the individual accounts, only their SIMPLE IRA fund accounts are included in the IRS report to reduce penalties and interest under the Internal Revenue Code. Form 5304 (Rev. 12-2004) — IRS To obtain a Copy of a SIMPLE IRA Plans Report — Form 5304-SIMPLE — The IRS (for individuals with retirement accounts under which contributions are made and which are maintained in a tax-exempt organization) The IRS provides a simplified process for obtaining the report: go to IRS.gov/SIMPLEIRRR, e-mail Form 5304-SIMPLE IRR, or mail Form 5304-SIMPLE to you: SIMPLE IRA Plan Disclosure Statement — IRS If you don't have retirement account(s) under which contributions are made to a SIMPLE IRA plan and the SIMPLE IRA-linked plan requires participants in the plan to designate a financial institution to receive the SEP funds, you must first obtain the information from each participant's plan. Form 5825 (Rev. March 10, 2013) — Internal Revenue Service Use Form 5825 to amend the SIMPLE plan. In addition to other changes, include these additions: You are giving the plan a new name. For more information on how to use this form, see the instructions for Form 5825. You are changing the form to match the form numbers and dates of the original program. To get this Form 5825, fill out Form 5825-SIMPLE. You may need to file it on or before the due date of your return if you: Have a SIMPLE IRA Form 5304 (Rev. 12-2004) — IRS — IRS forms 5304-SIMPLE, 5304(R)Simplify, 5305.SIMPLE, 5304(S)Simplify, and 5306.SIMPLE include SIMPLE IRA accounts and SIMPLE IRA custodians. Form 5304(R) — SIMPLE IRA Plan When you have a SIMPLE IRA, you must have the plan document available when you contact your custodian. You can check the status of your SIMPLE IRA via the following telephone numbers:. The SIMPLE IRA is not yet in existence; please call the number above and speak with a program representative. The SIMPLE IRA is a legal contract which requires that you take part in the operation of the plan.
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