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Small Business Owners Can Fund SEP IRAs
Last Updated March 2, 2011
SEP IRAs allow you to contribute and deduct up to $49,000 for the year .
If you operate a small business, you may be able to fund a retirement plan for you and your eligible employees, and get a tax write off for the amount. Your options include qualified plans, SEP IRAs and SIMPLE IRAs. If you missed the October 1 deadline to set up a SIMPLE IRA for last year, or the December 31 deadline to set up a qualified plan for last year, you can still fund a retirement plan for last year by setting up a SEP IRA. SEP IRAs can be established and funded as late the tax filing deadline, plus extensions, for the business owner. This means that you can set up and fund your SEP IRA ( for last year) as late as April 15, or later if you have an extension to file your federal tax return.Many small business owners find SEP IRAs attractive because they are easy to establish and maintain, and can be easily communicated to employees.
For more on SEP IRAs, see the article SEP IRAs- A Low Cost Retirement Plan for Small Businesses
 The December 31 deadline applies to qualified plans that are operated on a calendar year basis.
Tip provided by Appleby Retirement Consulting Inc. Appleby Retirement Consulting Inc provides Consulting, Coaching and Content on IRAs and other retirement plans to Financial, Tax and Legal professionals.