If you are self-employed or have freelance income (e.g., consulting fees) and your federal tax return is currently on extension, there is still time to contribute to a Simplified Employee Pension (SEP). In fact, you have until October 15, 2014 to set up and fund a plan for tax year 2013.
A recent survey showed that seven out of ten self-employed individuals are not saving regularly or at all for their retirement. If you fall in that category this may be the opportune time for you to reconsider your saving strategies and take a proactive approach towards your retirement goals.
A SEP …read more
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