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Video instructions and help with filling out and completing 5305a vs 5305 sep
April fifteenth we know the deadline for filing personal tax returns but in tonight's tax tip financial advisor Eric Scott will explain how some self-employed people could save by filing for an extension you know this evening we're going to spend a few minutes on SEPs SDP or simplified employee pensions in the past we've talked about IRAs today we want to talk about SEPs and that's dealing with self-employed business owners small business people you know I'm asked the question quite often that is there an advantage of doing a set for self-employed or small business owners versus an IRA and there is everybody can contribute into an IRA but the problem is there's limits you know we talked to earlier in the show up to six thousand dollars based on your age but in a self-employed pension or an SCP you can contribute for last year up to about fifteen thousand five hundred dollars you know we're getting closer and closer to April fifteenth and what happens is we've got to contribute by that date for last year but a simplified employee pension or a SEP you actually can contribute all the way to October 15 we may not be able to put the full fifteen thousand five hundred or the amount we choose into the set program to maybe june or july so we go ahead and we can file an extension and in many cases we don't want to pay any more taxes so we make the payment in June July or August what about the small business owner does he have any employees can they contribute and you can design it so not only the employer or the self-employed person if they have other workers employees they can also contribute or it can be designed where the employer will contribute the bottom line is is that if you're a small business owner okay and you want to save for your retirement it makes more sense if you have the additional amount to put into a SEP you want to do that reduce your taxes today allow the money to grow for you then it does to put it in an IRA because you can put much more in and sometimes you have a bit longer to do that so for small business owners you'll want to make sure you look at a SEP not just an IRA for more information you can call Eric Scott financial at seven seven three nine four four four.