Being a small business owner I really need to start a SEP (Simplified Employee Pension). As a one person company I don't have the normal benefits that most working people receive. So a creating a retirement fund through my company should be a high priority.
Technically I could still do it this year but I filed my 2005 Taxes last month and already have the refund in the bank. Every year I say that this is the year that I start a SEP but I never get around to it.
Well let's mark 2006 as the year that I finally start that SEP. I hear it's really easy to do so there's no excuse.
Simplified Employee Pension: "The payoff of creating a SEP or any other retirement plan is huge. For the 2005 tax year, an employer can deduct up to 25 percent of an employee's compensation, or up to $42,000..." - Mohave Daily News
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