Opinions expressed by Entrepreneur contributors are their own.
If you've already set up a Keogh retirement plan, be sure tomake a contribution before April 15 for the 2001 tax year. For2001, the self-employed can contribute up to 25 percent of theircompensation and deduct it from current taxable income.
But if you don't have a Keogh plan, consider a SEP-IRA."SEPs are one of the most common types of retirement plansused by self-employed people because of the ease of administrationand high contribution limits," says Paul Gada, a tax analystwith CCH Business Owner's Toolkit, a division of Riverwoods,Illinois, tax and business law information provider CCH Inc. For2001, the contribution limits for a self-employed person are about13 percent of his or her net earnings.
Continue reading this article — and all of our other premium content with Entrepreneur+
Join the internet’s leading entrepreneur community! With your subscription you’ll get:
- Unlimited access, including premium content
- No ads
- Subscription to雷竞技手机版magazine
- Four free e-books a year
- Subscriber-only events with our experts
