This link has been bookmarked by 7 people . It was first bookmarked on 14 Dec 2006, by Maggie Tsai.
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08 Nov 10
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13 Oct 08
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14 Dec 06
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If your business is incorporated, you can generally deduct contributions as a business expense
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1 Maximum compensation on which contributions can be based is $220,000 for 2006. If you are self-employed, compensation means earned income.
2 With catch-up provisions, individuals 50 and older may defer up to $20,000 in 2006 subject to the combined deferral and employer contribution limit.
3 Based on IRS 2005 federal tax rates for a single filer. These calculations assume your self-employed business income is your only income. They also do not take into account any deductions or exemptions for which you may be eligible. Tax savings will vary depending on your individual federal and state tax rates and your personal circumstances.
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For calendar year plans, the deadline is normally July 31. Form 5500 or 5500-EZ must be filed with the Employee Benefits Security Administration (EBSA)
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the employer usually acts as the Plan Administrator
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File annual tax report Form 5500 — this filing does not apply until your total plan assets exceed $250,000
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