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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 10386
Experience:  Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
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Hi Meagan; I asked you a question about a Personal Service

Resolved Question:

Hi Meagan; I asked you a question about a Personal Service Rep the other day and expenses relating to that. Is there any reason I can't make a contribution to a SEP or SEP IRA with the profit?
Submitted: 6 months ago.
Category: Tax
Expert:  Megan C replied 6 months ago.

Megan C :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

Megan C :

If your income was claimed on schedule C you're considered self employed. You could make a contribution to your SEP IRA subject to the limits

Customer:

OK, well, that's a reasonable (and legit) way to shelter some of that money, since I'll be 59 in February 2014 anyway, there won't be penalties if I need to make withdrawals for him, right?

Megan C :

If you are at least 59.5 then there's no penalty to take funds out of a SEP

Customer:

SO, That's good. OK, that's it. Thank you. I'm posting an unrelated question now. Take care.

Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 10386
Experience: Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
Megan C and other Tax Specialists are ready to help you
Expert:  Megan C replied 6 months ago.
Thanks, Christine for your positive rating. Please come back and visit us for any of your tax, finance, or social security needs. It was a pleasure working with you today.

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