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Qualified retirement plan?
Q: It turns out that 2004 was a very good year for my consulting business. My accountant suggested I contribute to a qualified retirement plan. What does this mean?
A: Generally, you must set up a plan (i.e., sign the paperwork) no later than December 31 for the year to which your deductions relate. But if you did not do so by the end of 2004, you can use a Simplified Employee Pension (SEP) for the year. Contributions to the plan can be made up to the due date of your return, including extensions. Your deduction for 2004 is limited to 25% of your net earnings from self employment, but no more than $41,000. For more details, see IRS Publication 560, Retirement Plans for Small Business, at www.irs.gov.
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