The SEP IRA is a great strategy in which you get to save for retirement if you’re self employed. In addition to the favorable tax-deferred growth advantage which empowers your money to grow at a compounded rate, you also get to reduce your tax liability because your contributions are tax deductible by almost ten times as much as a Traditional IRA according to IRS Publication 560. A SEP IRA is as easy to set up as a Traditional IRA and carries a much easier administrative burden and potentially lower costs than a 401(k). Take advantage of your status as a business owner and reward yourself with a SEP IRA.
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