December 2021
Beginner
928 pages
46h 18m
English
Content preview from J.K. Lasser's Your Income Tax 2022
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.
CHAPTER 41Retirement and Medical Plans for Self-Employed
Self-employed persons and partners can take advantage of tax-sheltered retirement plans or simplified employee pension plans (SEPs) (41.2).
Advantages flow from: (1) tax deductions allowed for contributions to the plan (a form of forced savings); (2) tax-free accumulations of income earned on assets held by the plan; and (3) in limited cases, special averaging for lump-sum benefits paid from a qualified retirement plan on retirement.
If you have employees, you must consider the cost of covering them when setting up your plan.
If you do not have any other retirement plan and have no more than 100 employees, you may set up a salary-reduction SIMPLE plan.
If you choose to set up a retirement plan covering at least one participant who isn’t an owner or other highly-compensated employee, you may be eligible for a tax credit (41.6). And if you include automatic enrollment, you may claim an additional tax credit (41.6).
Sole proprietors who want to buy health coverage through a government exchange must use the Marketplace for individuals, not the SHOPs for small businesses. Selfemployed persons can pay for their health coverage on a more tax advantageous basis than other individuals because an adjustment from income (above-the-line deduction) may be claimed for their coverage.
If you have employees and want to help them pay for the cost of their personal medical insurance, you may be able to use a qualified small employer health ...
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.
Read now
Unlock full access
More than 5,000 organizations count on O’Reilly
O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.Julian F.
I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.Amir M.
I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.