IRS Publication 560

Small Business Owners: You Might Still Have Time to Set Up 2014 SEP IRA

If you’re a small business owner such as a sole proprietor, a partner of a partnership, or an owner of an S corporation, and you don’t have a retirement plan for your business, you should consider establishing a SEP (Simplified Employee Pension) in 2014 (there might still be time) or beyond. Here's why.

Updated IRS Publications Now Available

IRS has updated several retirement-related publications. They are now available on the IRS website, www.irs.gov under Forms and Pubs. They will all say that they are updated for 2014 so you can use them in preparing your 2014 federal income tax return. However, they also will have the current contribution limits and other necessary information for this year.

New IRS Publication 560 – Retirement Plan Info for Small Businesses for 2013

The IRS updated the 2013 version of Publication 560, Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans) For use in preparing 2013 Returns. This publication contains basic information on employer retirement plans such as simplified employee pension (SEP), savings incentive match plan for employees of small employers (SIMPLE), and qualified retirement plans.

Updated IRS Publication 560 – Retirement Plan Information for Small Businesses

The retirement plan rules are constantly changing. They can be complex. Often, taxpayers are looking for good, free sources of information. While Internet searches can be helpful, caution should be used because there is no guarantee that the information you have found is timely or accurate. So where can you get accurate information on retirement plans? We explain below.

Funding a SEP IRA

If your employer offers a SEP (Simplified Employee Pension) plan, it's very similar to a profit sharing plan, except that contributions are placed into your designated SEP IRA. Once the funds are in your IRA, you own and control your own money. Your employer does not control the money after it's been deposited in your SEP IRA.

It’s Not Too Late to Start a 2011 SEP for Some Self-Employed Businesses

A Simplified Employee Pension (SEP) is a plan that allows businesses to make retirement contributions for its employees and owners without getting involved in more complicated qualified plans. Under a SEP, the contributions are deposited to a traditional IRA, sometimes called a SEP-IRA, set up by each eligible employee.

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