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Form 5305-SIMPLE Birmingham Alabama: What You Should Know

Savings. You only have to pay tax on your business earnings. This means you pay taxes on your business profits, which means there are  fewer returns to file, and tax is paid later. The IRS does not get your data.   Savings. You only need to pay tax on your business earnings. This means you pay taxes on your business profits, which means there are low Fewer returns to file, and tax is paid later. The IRS does not get your data. SEP's work differently from Traditional IRA's as the investment you put into the account is in the form of stocks. A SEP is also called a SIMPLE, which stands for Simplified Employee Pension — Individual Retirement Plan.  It's important to note that SIMPLE's don't include employer contributions. Only after you have qualified for the plan will you pay any tax on your personal contributions. You do not have to pay taxes on contributions to an investment account. If you own a SIMPLE IRA you pay taxes on all of your investment earnings, and it is your responsibility to pay these taxes. However, you may also be able to avoid paying taxes altogether. This is because contributions to a SIMPLE IRA can be deducted from your Form 1040 to avoid paying tax as long as you are a bona fide contribution to an investment account. To make sure you qualify for an IRA, you should review both your federal tax return and state tax return to see if you qualify for tax abatement and special tax reliefs. A SIMPLE IRA can be a valuable tax-efficiency tool for your business. An IRA helps simplify your tax returns by eliminating many deductions and credits that could increase your federal income tax liability. You may even be able to contribute to an IRA even if you don't have an income. In some cases, the earnings on your SIMPLE IRA will qualify as qualified dividend income. For more information about qualified dividend income, see Dividends and Interest and Qualified Dividend Income (PDF), IRS.

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