How do you know if you qualify for SEP IRA?
"A Simplified Employee Pension Individual Retirement Arrangement (SEP IRA) is a variation of the Individual Retirement Account used in the United States. SEP IRAs are adopted by business owners to provide retirement benefits for themselves and their employees."
If you are a small business owner or receive 1099-Misc and use Schedule C on your taxes, you can invest 25% of your 1099-Misc earnings (no more than $53k) and this is in addition to your regular IRA/Roth IRA account!
So basically you can invest and let it grow tax free $5,500 into IRA/Roth PLUS 25% of your self employment earnings. I was surprised when I learned this fact!
Read SEP FAQs Plan Here - IRS website
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