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Self employment ira that can be deducted.

Discussion in 'Business Operations' started by JOshua Gallerick, Feb 20, 2001.

  1. JOshua Gallerick

    JOshua Gallerick LawnSite Member
    Messages: 57

    I just learned from my accounted about a Sep Ira. Its a self employment Ira that can be deducted from your earnings you can deduct up to 30% of your revenue. So check it out.
  2. noah

    noah LawnSite Member
    Messages: 7

    you can also do a simple ira, which allows you a certain dollar per year. I think it is $3000. Both are great opportunties to save for your retirement.
  3. Jason Pallas

    Jason Pallas LawnSite Bronze Member
    Messages: 1,335

    If I'm not wrong - on the SEP IRA you have to offer it to all of your employees with some type of "matching funds". Can't remember the specifics but it can get real costly if you have employees that take advantage of the IRA. If you only have one or two employees though - this is defintely a good option.

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