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re: How can I reduce my taxable income?
Posted on 4/17/12 at 3:13 pm to tirebiter
Posted on 4/17/12 at 3:13 pm to tirebiter
That is what i thought. SEP you have to match your employees the same % you match for yourself. Simple, you have to match up to 3% for employees or 2% flat. You can't pick and choose.
1
Posted on 4/18/12 at 10:37 pm to ColdDuck
Go the simple Ira route, is matching 2-3% of your one employees salary that big of a deal? Hire your wife, she starts to gain SS credits for retirement or disability as well as she gets a whole allotment for her own Ira fund. Also look at setting up an LLC to buy a building and then rent to your business if nothing else in 15 years you will have a building instead of a stack of rent recipts
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