Fri Apr 12 2024, by Tyler Gardner

SEP IRARoth IRASmall BusinessEntrepreneurshipFinancial Education

Understanding the Benefits of a SEP IRA for Young Business Owners

Son, did you open that Roth IRA like I told you to?

Nope.

And why not?

Because I'm a businessman now, Dad.

So I opened a SEP IRA where you can contribute 10 times the amount you can contribute to your Roth IRA.

And that $61,000 is tax deductible?

Yup.

Don't you have to contribute to your employees?

If I had employees, yeah. But I run a lemonade stand, Dad. Think I can manage for now.

Where did you learn this?

I just follow Social Cap. He makes complex finance seem easy.

Source