The less taxable income you have, the less you can take advantage of the plans. Prinzi Jr., CPA and co-founder of F-Sharp Tax Management Services. Retirement plan contributions for the self-employed - up to $54,000 annually in a SEP-IRA or solo 401(k) - are based on the amount of profit or income in the business, said Richard M. Their Social Security checks are now too small to live on, but the couple luckily has other sources of retirement income. "With so many years of low interest rates, several stock market crashes and a wild real estate market, things did not fall into place as perfectly as planned." "We took deductions over the years thinking that by investing the savings, we could do better than the Social Security checks," Pablo Solomon said. Self-employed Texas designers Pablo and Beverly Solomon tried for years to limit their taxable income by spending on their businesses, which held down how much self-employment tax they had to pay for Social Security contributions.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |