Publication 560

Publication 560

A form published by the IRS explaining tax issues related to small business retirement plans. For example, it discusses SEP IRAs and SIMPLE 401(k)s.
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Information is available in IRS Publication 560, Retirement Plans for Small Business; owners can find it on the IRS website,www.irs.gov.
If your client is self-employed, their SEP IRA contribution is based on their Schedule C net profit, along with a few adjustments (for the exact calculation, use the worksheet in IRS Publication 560).
To review the many differences in plans, head to www.irs.gov/retirernent/ index.html or read IRS Publication 560. And good luck with the new venture.
To resolve the potential complexity of this computation, IRS Publication 560 specifies the following steps in determining the Keogh deduction:
For more information about the technical aspects of each plan, consult with a discount broker, independent financial advisor or IRS Publication 560: Retirement Plans for Small Business.