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re: How can I reduce my taxable income?

Posted on 4/16/12 at 7:33 pm to
Posted by ColdDuck
BR via da Parish
Member since Sep 2006
2781 posts
Posted on 4/16/12 at 7:33 pm to
Yep, I figured. CPA did the numbers and still has it around 10k per quarter.

So if I do a sep or simple, can I choose not to do any matching?
Posted by VABuckeye
Naples, FL
Member since Dec 2007
35696 posts
Posted on 4/16/12 at 8:02 pm to
quote:

So if I do a sep or simple, can I choose not to do any matching?


You own the company. It's your decision. I choose not to match 401k money currently. My company is doing well but I don't want to put the extra stress on myself just yet.

Plus, I'm already contributing the maximum allowable for my wife and me at this time.
Posted by tirebiter
7K R&G chile land aka SF
Member since Oct 2006
9381 posts
Posted on 4/16/12 at 11:08 pm to
quote:

So if I do a sep or simple, can I choose not to do any matching?


I would advise seeking legitimate counsel on this. You can contribute up to $50k based upon earnings and guidelines, etc, but I do not believe you can exclude those employees that have been working 3 or more years.

From the horse's mouth:
IRS SEP FAQs
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