How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Megan C Your Own Question
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16576
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
23669918
Type Your Tax Question Here...
Megan C is online now
A new question is answered every 9 seconds

Hi Meagan; I asked you a question about a Personal Service

This answer was rated:

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?

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 and 2 other Tax Specialists are ready to help you
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.