The SEP IRA as a Last Minute Tax Strategy | Mark J Kohler | Tax Tip cpa sales tax llc 

I am a lease operator for a trucking company and get a 1099. So far I've been able to use my lease payment of $1800 a month as a deduction but it's about to be paid off by the end of the year so I could only claim depreciation. If I continue to work the same next year even though the trucking industry has been quite volatile lately with low rates and high fuel etc. I would expect to make about the same gross. I don't want to hit the next tax bracket and thought I might just not work for the last 4 months of next year, which winter is kind of rough regardless. I was doing like a Squirrel trying to hide my nuts starting with an HSA account and IRA when my bank suggested a SEP IRA which I've never heard of in my entire life. I want to go into 2023 as well prepared as possible. I've been a company driver for 14 years and just started a lease three years ago after my company went bankrupt and closed. I suppose it was a blessing. I really went into trucking for the passion of driving...not necessarily to be an entrepreneur...but here I am...doing it. If I fail I fail on my own, not due to a company closing its doors. I really thank God for always putting the right people in my path for guidance like this. Thank you ❤️

What a wealth of knowledge! Mark is the fckin man! Let’s go! SEP IRA!

This is so damn cold!!!!!!!!! Genius!!

Thank you very much

What if you have multiple companies ???

Thank you for sharing. Doing last minute sep ira. Fan of your and Mat's books. You guys do great work to empower people.

It’s a good promotional video. If you speak fast and scratch unclear diagrams the self employed crowd would hire you to deal with the complex issue. All, go to the IRS site, read about SEP and you could pull it out by yourself. You don’t have to hire investing company! SEP is made to be simple. I’m sure you don’t have 10,000 or 20,000 to put away into IRA, but you can find 2-4k! And you don’t pay taxes on that amount. So, pay it all in taxes, or establish SEP or 401K for yourself. You still are going to pay taxes on your ERA withdrawals later.

If an s corp wanted to take advantage of a last minute SEP IRA, would they have to match contributions to part time/contract employees that worked for less than 6 months in the calendar year, or would the requirement 2 year full time employees apply to this situation? I saw that rule when you discussed the 401 k part.

Thank You! Phenomenal video!

You are awesome Mark. Your videos are very easy to understand.

If you have a sole proprietorship (husband and wife) in a community property state and you open a SEP IRA do you need to contribute separately for both husband and wife or can you contribute into a single account?

Hi Mark. Thank you for the great videos. I understand that the annual limit is also $ 6,000 for self-directed IRAs. How did Peter Thiel and Max Levchin fund theirs to respectively invest in Facebook and Yelp? Is there another strategy there that allows you to fund more money into a self-directed IRA?

Hey Mark! Love your videos. I have a question. I work for Instacart but I am looking to get a SEP IRA but in application process, they are asking for EIN #. Do I need to get an EIN number even If I don't use it for Instacart just so I can open a SEP IRA or would I make a mistake doing that? I'm confused! Please help. Thank You

Where is Mark these days, busy with taxes? I was wondering about his thoughts on the market and investments during this national emergency.

Thank you for this video! I've already visited your website and submitted a contact form for my specific question. One thing I cannot find the answer to after searching online is exactly how much withdrawals from a SEP ira are taxed after one retires... you'd think it'd be easier to find this info! So I'm debating if I should even put that much into a SEP ira, if I'm just going to be taxed on it later on.

Thank you. I hope this makes you money. I appreciate the informative video.

Thank you for the great video. How would this strategy change, if one has a full-time job that has maxed out the 401k and a side business where a write-off is needed. Does the above affect the amounts that can be contributed to sep?

This guy right here Is exactly why I contracted his CPA and Law Firms to assist me. He even inspired me to start my own RU-vid channel to share what I know and can help my fellow small biz owners and Entrepreneurs! Thanks Mark!

It really all is ridiculously confusing…why do they make it so damn difficult??…and now they allow SEP Roth IRA get no institutions have the capability to offer it…what’s the point

Thank you for the video. I do have a question please, so with the 401 can we get that if we are only Self employed however, we are a S corp. So we can have all 3? Also who is good to help set things like this up, an accountant, attorney or financial planner? which one would be best to go to ? Thank you

Mark, If you own an s-corp can't you do both a SEP IRA (employer contributions) and a SIMPLE IRA (employee contributions). Thanks

Can i transfer my SEP IRA to a roll over IRA?

Do you have a single SEP-IRA's or multiple SEP-IRA's if multiple contributors? 1. Would my employed (W2) and self employed (sole prop) SEP-IRA contributions go in to a single SEP-IRA, or would I be required to have two SEP-IRAs? 2. Is there any problems with taking a SEP contribution for my sole prop income and S-Corp W2 income? 3. Would I keep two Form 5305-SEP's for my records? My Sole prop income was in Q1 only. This sole prop then became a SM-LLC (S-corp election) and was my income for the rest of the year.

When you convert your Sep to IRA then convert that to Roth IRA, will you pay taxes on the conversion?

Sooo you talked about SEP and employees but what about SEP and partners?? I am a small business owner but i am in business w my husband and some of his brothers in an LLC treated as S-corp. if i do a SEP, do i have to do it for them too? Can i even do a SEP since I have partners?? Also i live in FL. Thank you!?

Mark, although the SEP-IRA may be a last minute tax strategy for a small business owner, you should have considered the impact the SEP-IRA contribution has on the QBI deduction. A traditional IRA contribution may be best for a small business owner (presuming they are below the AGI thresholds) as traditional IRA contributions do not affect the QBI deduction at all. For most of my small business clients I advise, preserving the QBI deduction and contributing to a traditional IRA provides much more tax savings than contributing to a SEP-IRA.

If I open a Sep IRA this year 2022 and put money in it can I report that deduction from my 2021 Taxes

What about 1099 employees?

My coworker was over hearing that our 401k was been dividend in 2 different accounts by our company ARCONIC and HOWMET AEROSPACE can they do that and is it safe...and shouldn't be only one account bot two

I'm not looking for a last minute strategy. I'm just here to get educated.

I would say this man is Einstein of Tax world

I didn't understand any of this.

Is the criteria for full time employees 2 years or 3 years? In your video you mentioned 2 years but I read in other places it’s 3 years.

I will work for you at no cost.

Can you explain Sep IRA, Simple 401K, and Simple IRA? I am a small business owner. My husband and I are the 2 full time employees, and we have 4 other part time employees. Which plan is right for our small company?