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| Business Finance Discussions about business finance, such as accounts and accounting, business loans, taxes, and related business issues. |
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04-17-2010, 10:48 AM
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Sep Ira
I own a small business (an LLC) in which I am the only employee and at this moment I am not taking a draw or salary from this business.
In order to lower my tax liability I am planning to set up a SEP IRA for myself, i.e. I want to lower my net profit at the end of the next tax year. My question is: do I need to start taking a draw/salary in order to be able to contribute to this SEP IRA or am I allowed to contribute without taking a draw/salary? Jan 
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