I have my own business, and started learning about taxes.
The next step was to take my profits and try to find ways to invest and reduce my taxes.
SEP IRA is a consideration
* Note that the SEP IRA is an American investment model, it might be available in outside countries under other names.
- For 2018, you can contribute 25% of your income, up to $55k (whichever number is less).
- Deposits are tax deductible.
- Fantastic if you’re self-employed.
- Tax-deferred, so don’t get blinded that you’ll keep all the money in your growing portfolio.
- If you have staff, everyone gets the same percentage deposit that you do for yourself as the owner. They also all have to get the same percentage, no playing favorites with just a few.