Hi Maria<<I have a small business that is incorporated and I am the sole employee of it. What are my pension options besides IRA's? Any suggestions are welcomed.>>Besides SEP, Profit Sharing Keogh's that are limited to 15% of Pension Pay, and besides Money Purchase Keoghs that are limited to 25% of Pension Pay, there are also Defined Benefit plans that, for workers over age 45, can produce much higher percentages. You'll need a qualified pension actuary to work with you, but you will like the deductions:With a Net Schedule C of $20,000 at age 55, (making the proper Self Employment tax adjustments to net income):Profit Sharing $2,424Money Purchase 3,717Defined Benefit 8,849by - Your friendly pension actuary.
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