Are you a sole proprietor looking for ways to reduce your 2024 tax bill while securing your financial future? Setting up a self-employed retirement plan could be your solution—and it’s not too late!
Retirement Plan Options
You have several options that can provide significant tax savings, including the following:
• SEP-IRA. Simple to set up and allows contributions of up to $69,000 for 2024.
• Keogh plan. Similar to a SEP but allows borrowing from your account.
• SIMPLE IRA. Best for modest income levels with contributions of up to $19,500 if you’re 50 or older.
• Solo 401(k). Offers the highest contribution limits, especially if you’re 50 or older, but involves more paperwork.
Each plan has unique benefits depending on your income and needs. Even better, you can still establish one of these plans and make deductible contributions for your 2024 tax return, as long as you do so before you file that tax return.
Sterling Tax and Accounting is here to help your business with tax planning! Our comprehensive approach to tax planning helps reduce your overall tax liability and keep more money in your pocket. If all your accountant does is file your taxes, chances are they are making you pay more than your fair share of taxes.
How We Can Help
Learn how to proactively save on taxes by scheduling a call with our tax planning specialists.
Our tax planning, accounting & business services help you stay on track. Sterling Tax & Accounting will work with you to optimize your business and minimize your taxes. We will work to provide you and your business with the tools and resources you need to build a solid tax and business foundation. We’re a trusted CPA Firm in Sarasota, Florida. We serve clients all over the US, and proactively work to minimize their taxes.
Welcome to the Sterling Standard of business! Want to learn more? Schedule a meeting with our tax planning team here: https://www.sterling.cpa/contact-us/
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