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Discussion in 'Lawn Mowing' started by VLM, Mar 22, 2001.

  1. VLM

    VLM LawnSite Member
    Messages: 189

    Maybe this should be in the business forum, but I get better responses here. How many of you use SEP IRA's. Who do you have them with and how do you like them? Also, can anyone tell me if the 15% you can contribute is from your gross or net if you are a single proprietor?
  2. dfor

    dfor LawnSite Senior Member
    Messages: 829

    I have my SEP-IRA with Fidelity. I've been happy with Fidelity. SEP's are real easy, almost no paperwork. The 15% is taken from the net. Don't forget to do a Roth IRA also ($2000), if you are within the guidelines.
  3. smburgess

    smburgess LawnSite Senior Member
    Messages: 467

    I use fidelity's Simple IRA, only one fee of $25 per year taken from the employee's account, which I use electronic transfer (no charge to me) through Fidelity's online web site each month. I match dollar for dollar up to 3%.
  4. Grapevine

    Grapevine LawnSite Member
    Messages: 126

    I had Sep/Iras up until about 5 years ago. Remember if you have employees on the books,(not 1099s) they have to be included in the SEP also.I offer an excellent wage and full health insurance to 2 employees and I feel that's enough.
    If your employees choose to have it taken out of their pay, or you want to be extremely generous,that's up to you.
    If you are married your able to set up 2 Straight IRAs and
    contribute 2000.00 a year to each. I wasn't doing more than 4000.00 a year in my SEP as it was so we decided to pass on the SEP. If you have no employees, SEPs are great.

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