Sole Proprietorship Retirement Plans to Help Reduce Your 2024 Tax Bill

Business Owners
Written By Blake Briscoe

Are you looking for ways to reduce your 2024 tax bill while securing your financial future? Setting up a self-employed retirement plan could be your solution—and it might not be too late!

You have several options that can provide significant tax savings, including the following:

  • SEP-IRA. Simple to set up and allows contributions of up to $69,000 for 2024.

  • Keogh plan. Similar to a SEP but allows borrowing from your account.

  • SIMPLE IRA. Best for modest income levels with contributions of up to $19,500 if you’re 50 or older.

  • Solo 401(k). Offers the highest contribution limits, especially if you’re 50 or older, but involves more paperwork.

Each plan has unique benefits depending on your income and needs. Even better, you may still be able to establish one of these plans and make deductible contributions for your 2024 tax return, as long as you do so before you file that tax return.

If you have questions, give us a call.

Blake Briscoe
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