SEP-IRA Contributions

If you're self-employed, this is for you.

If you don't already have a SEP-IRA, you may want to consider opening one. A SEP-IRA is a type of retirement account, similar to a 401K, that's available to self employed people. You can invest into things like stocks or index funds with your SEP.

The big tax advantage to owning a SEP is that contributions you make are tax deductible. So if you contribute $10,000 for the 2022 tax year, you'll get a $10,000 tax deduction. Depending on your income your tax savings can be substantial. For example, if you make around $100k and you contribute $10k this year, you could save around $2k in taxes. Something to consider.

The deadline to open up and fund your SEP for the 2022 tax year is April 15th, 2023. So you still have time.

Hope this helps. Please let me know if you have questions.