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Video instructions and help with filling out and completing irs form 5304-sep
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 there are a hundred percent employer funded so if you the employer put in twenty percent for yourself you have to put in twenty percent for all eligible employees so you can see where this becomes expensive very quickly and when that starts to happen normally employers will look at other alternatives for different types of plans for their company now the big thing is you know the eligibility so we see a lot of company I make this mistake so they say well I don't have full-time employees just these part times there's no way they could be eligible for the SEP first set all they have to do is earn $500 in the given year and they've gotten one year of service so you have some employees that have worked for you two three years they have probably already earned two or three years with a service now the good news with the sepsis you can keep them out for three years and then they enter in the fourth year but and it's a big but your plan document has to state your 5305 set form has to say that you have that eligibility requirement in place.