Any business owner with one or more employees, or anyone with freelance income, can open a SEP IRA.
Contributions, which are tax-deductible for the business or individual, go into a traditional IRA held in the employee's name. Employees of the business cannot contribute - the employer does. Like a traditional IRA, the money in a SEP IRA is not taxable until withdrawal.
For 2014, business owners may contribute up to 25% of income or $52,000, whichever is less.
For 2015, business owners may contribute up to $ 53,000 maximum.
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** Some of the Information on this site has been derived from different resources such as the National Financial Planning Association, Securities and Exchange and Commission, Department of Insurance and Investopedia
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