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Yes. The IRS has developed a web site to help small business and self-employed persons at www.irs.gov/businesses/small/index.html.

Yes. The IRS has developed a web site to help small business and self-employed persons at www.irs.gov/businesses/small/index.html.

A Defined-Benefit Plan is a type of Keogh plan. It is a employer-sponsored retirement plan where employee benefits are calculated based on a formula using factors such as salary history and duration of employment. Investment risk and portfolio management are entirely under the control of the company. There are also restrictions on when and how you can withdraw these funds without penalties.

HR(10) plans are Keogh plans.

To deduct contributions, the Keogh plan must be adopted by the last day of the year ( December 31, for calendar year entities). The funding of the contribution can be made up to the due date of the return for that year including extensions.

A Keogh plan is a tax deferred pension plan available to self-employed individuals or unincorporated businesses for retirement purposes. A Keogh plan can be set up as either a defined-benefit or defined-contribution plan. Contributions are generally tax deductible up to 25% of annual income with a limit of $51,000 ($50,000 in 2012). Keogh plan types include money-purchase plans (used by high-income earners), defined-benefit plans (which have high annual minimums) and profit-sharing plans (which offer annual flexibility based on profits). As with other qualified retirement accounts, funds can be accessed as early as age 59.5 and withdrawals must begin by age 70.5.

Yes. You may continue to contribute to your Keogh or SEP plan if you have Self-employment income. You are required to receive a minimum distribution by April 1 of the following year in which you reach age 70 1/2 after age 70 1/2 if you are more than a 5% owner.

Yes. You may continue to contribute to your Keogh or SEP plan if you have Self-employment income. You are required to receive a minimum distribution by April 1 of the following year in which you reach age 70 1/2 after ages 70 1/2 if you are more than a 5% owner.

Unlike a Keogh, which must be set up before the end of the taxable year in which the plan is to be effective, a employer may contribute to a SEP (Simplified Employee Pension IRA) set up by the filing deadline of Form 1040 (generally 4/15/XX) including extensions.

A SEP is an abbreviation for a Simplified Employee Pension IRA. A retirement plan that an employer or self-employed individuals can establish.
The employer is allowed a tax deduction for contributions made to the SEP plan and makes contributions to each eligible employee's SEP IRA on a discretionary basis.
Contributions to SEP IRAs are immediately 100% vested, and the IRA owner directs the investments.