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Form 5305-SIMPLE Lakewood Colorado: What You Should Know

To determine if your business is qualified, you must check the following SEP question: “What is the total number of employees? How many of each age or type of employee will you have within 12 months?” If you answered “one employee per employee of any age (and less than 100)” you are qualified to hold an SEP-IRA. What you find here is a free SEP and IRA calculator at IRA.gov which you can copy and paste to find out if you are qualified. To set up an SEP-IRA, just follow these steps: 1. Choose a tax year: A tax year consists of the calendar year, plus the 3 following tax years. Choose the following tax year years: 2 2 2 2 2009 2. Choose retirement accounts: Select the type of account needed to hold your funds: A Traditional IRA B Roth IRA 3. Fill in the tax year and balance of your account: Please note that to set up an SEP, you must have had an open tax year for at least 3 years with an average balance over that year of 20,000, and your balance must be 100,000 less than your tax year balance.  Your total income tax for all tax years must fall below these figures to set up a SEP. 100,000 in 2024 140,000 in 2024 140,000 in 2024 135,000 in 2024 120,000 in 2024 120,000 in 2024 120,000 in 2024 120,000 in 2024 110,000 in 2024 100,000 in 2024 100,000 in 2005 If you have any questions about this form or your circumstances, or would like to know how you can set this up for your business, please contact our experienced tax professionals. This form must be kept in their entirety so that the employer does not receive any duplicate documents during your next tax year. In addition, you should retain copies as your primary document for filing with the IRS. The following is a copy of the 2024 SEP form from SEP-IRA.gov, used for tax year 2013.

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