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2810 Fieldstream Drive North
Wilson, NC 27896
Phone: 252-237-4357
Fax: 252-243-2681
January/February 2018
Still Time for Tax Deductions
If you didn’t get to open a traditional IRA or Simplified Employee Pension (SEP) last year, you still have until the April 2018 tax filing deadline to open and contribute to one.
You Still Have Time
You may put up to $5,500 into an IRA for 2017 and another $1,000 if you’re age 50 or older. You need to earn at least the amount you contribute. The limit is an aggregate one, including other IRAs, including a Roth.
Individuals may contribute even if they have another retirement plan. However, tax-deductible contributions are phased out at lower income limits.
SEP Power
If you’re a small business owner, self-employed or earned money from part-time gigs, you may qualify to establish a Simplified Employee Pension Plan (SEP) and open a SEP-IRA. Contribute up to $54,000 or 25% of compensation for 2017, whichever is less. A self-employed person must also figure net earnings from self-employment, less one-half of self-employment tax and contributions made to the SEP-IRA. Other rules apply.
Employees Qualify
Most employees with service to the company in three of the last five years are also eligible to participate in the plan. Employers must contribute the same percentage of income for all employees participating in the SEP.
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