The SEP IRA as a Last Minute Tax Strategy | Mark J Kohler | Tax Tip cpa sales tax llc
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- čas přidán 15. 07. 2024
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I am a lease operator for a trucking company and get a 1099. So far I've been able to use my lease payment of $1800 a month as a deduction but it's about to be paid off by the end of the year so I could only claim depreciation.
If I continue to work the same next year even though the trucking industry has been quite volatile lately with low rates and high fuel etc. I would expect to make about the same gross.
I don't want to hit the next tax bracket and thought I might just not work for the last 4 months of next year, which winter is kind of rough regardless.
I was doing like a Squirrel trying to hide my nuts starting with an HSA account and IRA when my bank suggested a SEP IRA which I've never heard of in my entire life.
I want to go into 2023 as well prepared as possible. I've been a company driver for 14 years and just started a lease three years ago after my company went bankrupt and closed.
I suppose it was a blessing.
I really went into trucking for the passion of driving...not necessarily to be an entrepreneur...but here I am...doing it.
If I fail I fail on my own, not due to a company closing its doors.
I really thank God for always putting the right people in my path for guidance like this.
Thank you ❤️
What a wealth of knowledge! Mark is the fckin man! Let’s go! SEP IRA!
This is so damn cold!!!!!!!!! Genius!!
What if you have multiple companies ???
It’s a good promotional video. If you speak fast and scratch unclear diagrams the self employed crowd would hire you to deal with the complex issue. All, go to the IRS site, read about SEP and you could pull it out by yourself. You don’t have to hire investing company! SEP is made to be simple. I’m sure you don’t have 10,000 or 20,000 to put away into IRA, but you can find 2-4k! And you don’t pay taxes on that amount. So, pay it all in taxes, or establish SEP or 401K for yourself. You still are going to pay taxes on your ERA withdrawals later.
If an s corp wanted to take advantage of a last minute SEP IRA, would they have to match contributions to part time/contract employees that worked for less than 6 months in the calendar year, or would the requirement 2 year full time employees apply to this situation? I saw that rule when you discussed the 401 k part.
Bree, to get your question answered, please submit it to podcast.mainstreetbusiness.com/ - Thank you!
Thank you very much
Thank you for sharing. Doing last minute sep ira. Fan of your and Mat's books. You guys do great work to empower people.
Thank You! Phenomenal video!
If you have a sole proprietorship (husband and wife) in a community property state and you open a SEP IRA do you need to contribute separately for both husband and wife or can you contribute into a single account?
Separate accounts for each person. Note, the SEP is a form of IRA, and the I in IRA means individual. Each account has just one name on it.
You are awesome Mark. Your videos are very easy to understand.
Glad you like them! Please subscribe and share!!
Hi Mark. Thank you for the great videos. I understand that the annual limit is also $ 6,000 for self-directed IRAs. How did Peter Thiel and Max Levchin fund theirs to respectively invest in Facebook and Yelp? Is there another strategy there that allows you to fund more money into a self-directed IRA?
Let me make a few suggestions....for free...subscribe and watch all my CZcams videos. There is a ton of info on this! Then, go to markjkohler.com/blog/ and find some articles I have written to help clear things up.
Thank you. Will do.
Where is Mark these days, busy with taxes? I was wondering about his thoughts on the market and investments during this national emergency.
I am super busy! but that is a great topic! Please email it to me at mark@markjkohler.com and I'll get to it as soon as I can! Thanks!
Hey Mark! Love your videos. I have a question. I work for Instacart but I am looking to get a SEP IRA but in application process, they are asking for EIN #. Do I need to get an EIN number even If I don't use it for Instacart just so I can open a SEP IRA or would I make a mistake doing that? I'm confused! Please help. Thank You
Thank you for this video! I've already visited your website and submitted a contact form for my specific question. One thing I cannot find the answer to after searching online is exactly how much withdrawals from a SEP ira are taxed after one retires... you'd think it'd be easier to find this info! So I'm debating if I should even put that much into a SEP ira, if I'm just going to be taxed on it later on.
Mark, If you own an s-corp can't you do both a SEP IRA (employer contributions) and a SIMPLE IRA (employee contributions). Thanks
I'm pretty sure you can do a SEP and a 401k though.
Can i transfer my SEP IRA to a roll over IRA?
JC, Please email admin@markjkohler.com, and set up a consultation with an attorney who can help you with that!
Thank you for the video. I do have a question please, so with the 401 can we get that if we are only Self employed however, we are a S corp. So we can have all 3? Also who is good to help set things like this up, an accountant, attorney or financial planner? which one would be best to go to ? Thank you
Please give our law office A call, we would be happy to set you up on a consult with one of our expert attorneys. (800)801-0010.
Most accountants have little to no knowledge about these and do not offer them as a service to their business. They wouldn't even know what to charge you. Accountants are focused on taxes and bookkeeping and sometimes tax planning.
You'd need more of a financial planner that doesn't steal your money.
It really all is ridiculously confusing…why do they make it so damn difficult??…and now they allow SEP Roth IRA get no institutions have the capability to offer it…what’s the point
Sooo you talked about SEP and employees but what about SEP and partners?? I am a small business owner but i am in business w my husband and some of his brothers in an LLC treated as S-corp. if i do a SEP, do i have to do it for them too? Can i even do a SEP since I have partners?? Also i live in FL. Thank you!?
How is ownership split in your s corporation
Thank you for the great video. How would this strategy change, if one has a full-time job that has maxed out the 401k and a side business where a write-off is needed. Does the above affect the amounts that can be contributed to sep?
When you convert your Sep to IRA then convert that to Roth IRA, will you pay taxes on the conversion?
yes, any conversion will trigger taxes on that amount that is converted
This guy right here Is exactly why I contracted his CPA and Law Firms to assist me. He even inspired me to start my own CZcams channel to share what I know and can help my fellow small biz owners and Entrepreneurs! Thanks Mark!
Chris! Thanks for the feedback! It is always so good to hear I am helping others! Keep up the good work!
Do you have a single SEP-IRA's or multiple SEP-IRA's if multiple contributors?
1. Would my employed (W2) and self employed (sole prop) SEP-IRA contributions go in to a single SEP-IRA, or would I be required to have two SEP-IRAs?
2. Is there any problems with taking a SEP contribution for my sole prop income and S-Corp W2 income?
3. Would I keep two Form 5305-SEP's for my records?
My Sole prop income was in Q1 only. This sole prop then became a SM-LLC (S-corp election) and was my income for the rest of the year.
What about 1099 employees?
1099 is a sole proprietor not an employee. W2 is employee. 1099 is basically for contract work not employee.
Yes you can file the SEP under 1099 misc I come you do not have to be an llc entity to qualify.
I am a sole proprietor and will be starting one up for 2023.
I'll have to double check with my tax accountant, but on a Google search for 1099 eligible for SEP it said I could...but you always want to ask a professional and preferably not one who uses Google references like me lol
I'm not looking for a last minute strategy. I'm just here to get educated.
Great! I have plenty more videos for you to get educated!
Amen to that!
My coworker was over hearing that our 401k was been dividend in 2 different accounts by our company ARCONIC and HOWMET AEROSPACE can they do that and is it safe...and shouldn't be only one account bot two
Employee contribution if after tax can be Roth, but company match can only be traditional meaning pre tax andntaxes paid later that is why it is split up
Mark, although the SEP-IRA may be a last minute tax strategy for a small business owner, you should have considered the impact the SEP-IRA contribution has on the QBI deduction. A traditional IRA contribution may be best for a small business owner (presuming they are below the AGI thresholds) as traditional IRA contributions do not affect the QBI deduction at all. For most of my small business clients I advise, preserving the QBI deduction and contributing to a traditional IRA provides much more tax savings than contributing to a SEP-IRA.
Why?? What's the difference between the 2 IRAs
Thank you. I hope this makes you money. I appreciate the informative video.
I will work for you at no cost.
Email my marketing director and he will see if we can get something set up! His email is jack@markjkohler.com
I didn't understand any of this.
I would say this man is Einstein of Tax world
If I open a Sep IRA this year 2022 and put money in it can I report that deduction from my 2021 Taxes
Is the criteria for full time employees 2 years or 3 years? In your video you mentioned 2 years but I read in other places it’s 3 years.
Can you explain Sep IRA, Simple 401K, and Simple IRA? I am a small business owner. My husband and I are the 2 full time employees, and we have 4 other part time employees. Which plan is right for our small company?