Carry Learning Center

sep ira vs solo 401k
Solo 401k +1 SEP IRA
October 11, 2023
Solo 401k Vs SEP IRA

OVERVIEW The solo 401k and SEP IRA are retirement accounts created for small business owners and self-employed individuals. Both have the same contribution limits, offer tax-free compounding on investments, and all business entities are eligible. A solo 401k offers more tax advantages than a SEP IRA, but has stricter eligibility requirements. Depending on your business, one might make […]

contribute to sep ira and solo 401k
Solo 401k +1 SEP IRA
August 30, 2023
Can I Contribute To A SEP IRA And Solo 401k At The Same Time?

One of the most common questions that comes up with business owners looking to set up a retirement plan is: Can I contribute to both a SEP IRA and a solo 401k, and will doing so allow me to contribute more money per year? Yes, in certain instance, if you have two separate businesses, you can […]

sep ira tax deductions
August 03, 2023
How Much Will A SEP IRA Reduce My Taxes?

Looking to reduce your taxable income this year? Maxing out a SEP IRA could give you one of the highest tax deductions possible this year.  Your taxable income can get reduced by up to $61,000 in 2022 and $66,000 in 2023 by maxing out contributions to your SEP IRA. Are you self-employed or run a business with no […]

what is sep ira
February 09, 2023
What Is A SEP IRA? (How It Works, Rules, Eligibility)

SEP IRA OVERVIEW & FAQ What is a SEP IRA? A SEP IRA stands for Simplified Employee Pension and is an individual retirement account for business owners and self-employed individuals. You can think of it as a traditional IRA, but supercharged with higher contribution limits. Employers can contribute to their own accounts, as well as make contributions for […]

January 25, 2023
What Is a Self-Directed SEP IRA and How Does It Work?

A SEP IRA (Simplified Employee Pension) is an individual retirement plan for business owners with or without employees. Employees can contribute up to $61,000 for 2022 or $66,000 for 2023. Contributions are made with pre-tax income and are tax deductible and tax deferred until you take qualified distributions in retirement. With a regular SEP IRA, […]

December 23, 2022
SEP IRA vs SIMPLE IRA: Similarities and Differences

The SEP IRA and SIMPLE IRA are both retirement plans available to business owners. They offer higher contribution limits than a Roth or traditional IRA, and are easy to set up and maintain compared to a regular 401k plan. However, the two accounts differ in objective and function. The SEP IRA is more advantageous for […]

December 21, 2022
Comparing IRAs: SEP vs Roth vs Traditional

There are many different kinds of IRAs, each with its own set of rules and benefits. A traditional IRA and Roth IRA are the most similar. They have the same contribution limits and eligibility rules, but only really differ in when and how they get taxed. A SEP IRA is actually closer in function to […]

401k vs sep ira
401k +1 SEP IRA
December 05, 2022
401k Vs SEP IRA: Key Differences

If you’re a business owner, you have the option to open a SEP IRA or 401k at your company. These accounts can only be opened by a business owner; employees cannot establish a 401k or SEP IRA on their own, like they could with an IRA. The main difference between the two accounts is that a business […]

w2 employee sep ira
December 05, 2022
Can A W-2 Employee Contribute To A SEP IRA?

If you’re a W-2 employee, your employer may choose to offer a SEP IRA as an alternative to a full employer-sponsored 401k plan. As an employee, you cannot make direct contributions to a SEP IRA, like you could with a 401k. A SEP IRA is like a simpler, more cost-effective alternative to offering a 401k plan. Smaller companies […]

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