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re: How can I reduce my taxable income?
Posted on 4/16/12 at 12:30 pm to klewis
Posted on 4/16/12 at 12:30 pm to klewis
So if I do a SEP IRA... I see that the employees must be working for at least 3 years. Currently I have no one over a year yet. So does that mean I can start a SEP IRA and not have to allow my one employee into the plan yet?
1
Posted on 4/16/12 at 12:35 pm to ColdDuck
IRS SEP IRA rules
quote:
An eligible employee is an individual who meets the following requirements:
attained age 21;
has worked for the employer in at least 3 of the last 5 years;
has received at least $550 in 2011 and 2012 (subject to annual cost-of-living adjustments in later years) in compensation from the employer for the year.
This post was edited on 4/16/12 at 12:37 pm
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