No. People who are self-employed, partners or S-Corporation shareholders aren't really considered employees, which is why they don't qualify for pre-tax employer contributions. However, your contributions are eligible for an above-the-line deduction on your tax return.

The same limits on contributions made to employees' SEP-IRAs also apply to contributions made to a self-employed individual's SEP-IRA. However, special rules apply when figuring out the maximum deductible contribution. See Publication 560 for details on determining the contribution amount. Most SEPs, including the IRS model Form 5305-SEP, require that allocations to all employees' SEP-IRAs be proportional to their salary/wages. See similar questions...

Send Healthy Steps the income verification that you have. (Example: If you opened a daycare in your home six months ago, send a copy of the ledger showing income and expenses dating from the start of the business.) See similar questions...

Consider setting up and contributing as much as possible to a retirement plan. These are allowed even for sideline or moonlighting businesses. Several types of plan are available: the Keogh plan, the SEP, and the SIMPLE. See similar questions...

Yes, there are many tax advantages. When you’re in business for yourself, you can deduct business-related expenses from your gross income and reduce your tax burden. There are also tax-free retirement plans that are only available to the self-employed, and other advantages. However, you also have an increased burden in the so-called payroll taxes (Social Security and Medicare) because you will be paying both employer and employee shares. See similar questions...

Contributions deducted from an employee's paycheck deducted on an after-tax basis subject to income tax and both Medicare and social security taxes. See similar questions...

owner is considered self-employed if their business is not a partnership or a corporation and is owned but just one person (a sole proprietorship). The Workers' Disability Compensation Act covers employees of a sole proprietorship, but the person who owns the business, the sole proprietor, is not an employee of anyone and accordingly is not covered by the Act. top See similar questions...

YES. We can help you if you're self employed whether you have three years trading accounts or no proof of income. See similar questions...

Deductions for Long Term Care coverage are after-tax. Deductions pay for the employee's coverage. Coverage for a spouse, parent, etc are paid directly to CNA. See similar questions...

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Generally, the income of self-employed borrowers is verified by obtaining copies of personal (and business, if applicable) federal tax returns for the most recent two-year period. However, based on your entire financial situation, we may not need full copies of your tax returns. We'll review and average the net income from self-employment that's reported on your tax returns to determine the income that can be used to qualify. See similar questions...

We can help! Because we're specialists within the vehicle finance business, we concentrate our efforts in removing barriers, making it easier for everyone to apply for vehicle finance, whatever their circumstances. See similar questions...

You may be able to take an immediate expense deduction of up to $110,000 for 2007, for equipment purchased for use in your business, instead of writing it off over many years. Additionally, self-employed individuals can deduct 100% of their health insurance premiums. You may also be able to establish a Keogh, SEP or SIMPLE plan and deduct your contributions (investments). See similar questions...

The Fire Safety Order applies to all premises including those occupied by the self-employed. You will need to carry out a fire risk assessment and have an emergency plan appropriate for the premises you occupy. See similar questions...

HSAs are open to almost everyone with an HSA-eligible high-deductible health plan. Eligible and qualified individuals, employees and employers may contribute to an HSA. In addition, contributions can be made by others on behalf of the individual covered by the HSA-eligible high-deductible health plan with the contributions deductible by the covered individual (May 15, 2004, Treasury Guideline). See similar questions...

Anyone can contribute to an eligible individual's HSA; however, it is the individual account holder's responsibility to ensure HSA contributions do not exceed maximum limits. See similar questions...

If you are self-employed you need to take the same action to protect yourself as an employer takes to protect employees, and to use protective equipment on the same basis as employees. Employers also need to take action to protect those who are employed by them to work at home. See similar questions...