If you are self-employed, and looking for a way to lower your taxable income for the year, consider opening a SEP IRA.
A Simplified Employee Pension Individual Retirement Arrangement (SEP IRA) enables self-employed and business owners to provide retirement benefits for themselves and their employees.
SEP IRAs are great retirement savings vehicles because they help bring one’s taxable income down while also putting money away for the future.
You are eligible to make a contribution to a SEP IRA at the time you file your tax return for that tax year, including if you put yourself on an extension. (Note that 2018 contributions to traditional IRAs or Roth IRAs must be funded no later than April 15, 2019).
Strategy Squad can help set up SEP IRAs and other retirement savings vehicles. Ask us how at 888-657-7823.