Sole Proprietorship Retirement Plans to Reduce Your 2024 Tax Bill

Are you looking for ways to reduce your 2024 tax bill while securing your financial future?

You have several options that can provide significant tax savings, including the following:

SEP-IRA - Simple to set up and allows contributions of up to $69,000 for 2024.

Keogh Plan - Similar to a SEP but allows borrowing from your account.

SIMPLE IRA - Best for modest income levels with contributions of up to $19,500 if you're 50 or older.

Solo 401(k) - Offers the highest contribution limits, especially if you are 50 or older, but involves more paperwork.

Each plan has unique benefits depending on your income and needs. Even better, you can still establish one of these plans and make deductible contributions for your 2024 taxes, as long as you do so before you file that tax return.

If you want to discuss any of these options further and invest in your future, please submit your information here and we will be in touch.

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To ensure compliance with requirements imposed by the IRS, we inform you that any US federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and it cannot be used for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Seek advice based on your particular circumstances from an independent advisor.