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Marriage is something to be cherished for a lifetime, but they don’t all last that long. The sad truth is that many couples reach contention to the point of heartbreak. The reason? Finances are usually the main culprit, turning marriages sour before they have a chance to grow and create more memories. Many will say that “nothing could be done”, but you don’t have to use that excuse. Maggi Tax is here to give you key financial planning tips for newlyweds in 2024 so you can set up your future for success.
Where to Begin
Before you get to planning, you need all of the information that you can get. Ask yourself and your spouse the following:
● How much do you both make combined?
● Do either of you have any outstanding debts?
● What assets will be shared between you?

There are plenty more questions you can ask to help put things into perspective. The important thing is to be completely honest and sincere with your answers and intentions. Show compassion and be supportive of one another for the best chance at creating and sticking with a financial plan that works best for you both as a married couple. To ensure success, a change in marital status is a valid situation where you need a financial advisor.

1. Value Transparency Above All Else

We said it before and we’ll say it again. Honesty and transparency are how your financial plan is going to work. Each partner needs to be open about their spending habits, saving preferences, and financial situation. The hard truth may spark up some debates. This is completely normal, so don’t let this discourage you. Find compromise and take breaks if you need to. This is arguably the hardest part of financial planning as a couple, but it gets better from here.

2. Be On the Same Page

If you find yourself torn during certain parts of the planning process, you may be tempted to set separate goals for yourself to appease both sides. But by splitting up your resources instead of consolidating everything into a single path, you’ll be getting nowhere fast. Compromise is key, even if it takes a bit of work getting there. If you have to, plan for both short-term and long-term goals.

3. Plan For Both Short-Term and Long-Term Goals

It’s great to be motivated with high ambitions, but diluting your resources too much will make it difficult to see tangible progress. If you really want to see success in multiple areas at a time, separate your goals into short and long-term ones. Take a look at the following examples:

Short-Term Goals 
● Building an emergency fund
● Tackling debt
● Planning for a vacation

Long-Term Goals 

  • Saving for retirement
  • Buying a house
  • Planning for children (raising, schooling, etc.)

Read more > Our Expert Tips For Setting Realistic Financial Goals In 2024

4. Make Mindful Purchases

It can be easy to get carried away with shopping right after getting married. When you move in with your spouse, you may be eager to buy new furniture to dress up your new home or buy a brand-new car to mark the occasion. If you’re not careful, you could put yourself and your spouse into crippling debt before you even have a chance to share your lives together. Make sure you stick to your budget for a happier future. Your patience will be greatly rewarded!

Maggi Tax Helps Newlyweds With Setting Financial Plans!

Just married? Let Maggi Tax help you and your spouse devise a financial plan that takes both of your futures into account. We’ll go over every detail to make sure everyone is happy to help make way for a sustainable marriage! Give us a call today at (727) 799-1701 to schedule a consultation.

If you haven’t been saving up for your retirement, you’re not alone. However, that doesn’t make it right. You deserve to have time off after years of hard work, and your retirement fund determines how well you’ll do once you’re ready to throw in the towel. Most people have given up on such a lifestyle once they hit their senior years for fear of not saving up enough money or other reasons. If you find yourself struggling to save for retirement for any of the following reasons, it’s time to seek help from your local retirement planners at Maggi Tax:

1. We Love to Live In the Moment

The bigger the hardships, the more we’re tempted to treat ourselves to frivolous spending to help us cope. Buying fun things like a new phone, a video game console, or anything to do with your hobbies gives us serotonin, and many of us would rather feel good to help us get through tough times than put that money into a savings account with the far future in mind.

It’s okay to buy a little something for yourself every now and then, but it’s even more rewarding to know that you have a cushy life waiting for you up ahead.

2. It’s Easier to Procrastinate Challenges

Going from not contributing to a retirement fund to implementing financial goals into your everyday life is a drastic change that many people don’t want to deal with. Change can be difficult, that’s a fact. When we’re already barely getting by with working full-time jobs and paying our immediate bills, doing anything more feels outside the realm of possibility. It’s easier to put off extra responsibilities (like setting up retirement funds) in favor of what seems to help us more in the moment.

Delaying your savings will only do more harm by decreasing the amount of money you will have available to you by the time you retire. By acting now, the compounding interest will award you more over time.

3. Tight Funds Make Us Reconsider Our Priorities

For those who are faced with debts to pay like credit card balances or loans, paying those off as soon as possible, even at the cost of neglecting your retirement account, may feel like the right thing to do. While decreasing the amount of debt you owe is a great idea to limit your interest charges, it’s better to find a balance between paying off your debt and working on your retirement instead of believing that you can only focus on one or the other.

4. The Rising Dilemma of Unemployment

With talks of sudden unemployment happening throughout the country in response to various factors like increased minimum wages and the high cost of goods and services, you never know if your career is at risk. Should you happen to face unemployment, you may feel cornered enough to dip into any bit of savings you have, including your retirement. Before you dip into those precious funds, it pays to visit a financial advisor who may present a better solution.

5. Inflation

Despite all of the reasons we’ve gone over, the answer could be as simple as rising inflation. The general cost of living has put a strain on everyone’s wallet to the point where the idea of “extra cash” can feel like a laughable concept. However, not everything is black and white. Even the smallest contributions can make a big difference over the course of decades, so you shouldn’t tap out just yet. Find yourself a trusted financial advisor near you to craft a retirement plan that fits your budget.

Get Your Retirement Plan In Order. Call Maggi Tax Today!

Don’t give up on your dream of a comfortable retirement just yet. Schedule a consultation with Maggi Tax today at (727) 799-1701 and ask about our investment planning services to take back control of your retirement!

“I don’t have the extra money to invest” or “I’ll look into some investments later” are just a couple of the most common excuses we hear people say when it comes to investing in their future, and these little excuses can cost you dearly. Find out how procrastinating on your investment plans can set back your finances with this helpful article. When you’re ready to get started on planning for your retirement, consult the professionals at Maggi Tax for tailored strategies!

1. You Lose Out on Compounded Savings

You know how the longer you take paying back loans, the more you’re paying in interest charges? The same works the other way around. The sooner you start saving for your retirement, the more you’ll receive back on interest. This becomes a snowball effect where the earnings you make on interest will increase your total savings, thus resulting in even more money earned through interest.

How Else Can I Maximize My Savings?

Getting started on your retirement fund as soon as possible is already a step in the right direction, but smart investors open up multiple 401(k)s and other retirement accounts to stack numerous sources of compounding interest.

2. You Could Miss Your Target Goal

When you’re in your mid-twenties, it’s easy to think that you have your entire life ahead of you to worry about your retirement. While that’s technically true, time flies before you know it. The longer you wait to start investing, the more unlikely it will be to meet your goals on time. This is the case with anything, whether you’re saving up to buy a house, setting yourself up for an easy retirement, and so on. There’s no better time than the present to ensure your future!

3. Your Late Savings Might Not Be Able to Keep Up with Inflation

Inflation is a major savings-killer, making your hard-earned pennies feel completely worthless. The best way to account for inflation is to get a head start on your retirement funds. Remember what we said about compounding interest earlier? All of that extra cash that you’ll be making can help offset the inevitable increase in inflation by the time you decide to retire. Once you open up your savings account, it will be easy to make any necessary adjustments as you see fit like increasing your contribution percentage or making additional payments.

4. You’ll Miss Out on Stock Market Activity

Do talks of the stock market seem like a foreign language to you? Once you dip your toes and make yourself comfortable in the stock market scene, you’ll be able to take advantage of great money-making opportunities that would have passed by your radar completely unnoticed. It’s worth it to familiarize yourself with the world of stocks and become active in this area of investing so you don’t miss any more golden chances at making extra cash.

5. You Could Be Hurting Your Loved One’s Future

If you have a family, delaying your investments can have a severe impact on them as well. Any amount that they may inherit is up to how much work you put in until that point, and if you start late, it might not be enough to help them out after you’re gone. No one knows their own fate which is why you should never assume that you’ll be around to start investing years in the future.

Consider this:
Some of the best assets you can leave behind for inheritance are non-liquid investments that improve quality of life like a house or any sort of real estate.

Find an Investment Plan That Works For You! Leave it to Maggi Tax

Not sure where to begin with investments? Let Maggi Tax guide the way with custom investment planning! Call our friendly team today at (727) 799-1701 to schedule your free consultation and start securing your future.

It’s always a good thing to be ambitious, but it’s also best to keep your goals realistic. With the year 2024 being our biggest test yet with rising costs and countless financial struggles for many, everyone is doing what they can to better their situation and stay motivated. Become a pro at setting realistic financial goals with this insightful article featuring tips from your trusted financial advisors at Maggi Tax!

What it Means to Keep Things Realistic

Being realistic doesn’t have to mean undercutting your true goals and intentions. After all, shouldn’t you always aim to do better? It’s not a matter of what you can and can’t do, but rather how you go about it. Meeting your goals should be a rewarding experience that encourages an ongoing journey. When we can’t reach the high milestones that we set for ourselves, it can feel demoralizing and discourage us from making another attempt.

Setting realistic goals helps us feel more in control of our budgeting, giving us a sense of power over our own finances.

Popular Financial Goals in 2024

Money is the root of everything, and everyone has their own idea of how to put it to good use. Not sure where to start? Here are some of the most popular financial goals for 2024:
● Eliminating or decreasing credit card debt and other loans
● Saving for a house or car
● Opening a retirement savings account
● Planning a big trip or vacation
● Building an emergency fund
● Getting into the stock market
● Starting an investment portfolio

Helpful Tips for the Journey Ahead

You’ve come this far, now it’s time to touch up your financial knowledge with expert tips on how to set realistic goals and how to conquer them:

1. Set Specific Milestones

Instead of simply saying, “I’m going to pay off my card” or, “I will make a profit in stocks”, think about the steps that are required to meet that end goal.

Say you have a credit card balance of $2,000. Vowing to pay it off in full without any structure set in place will make it difficult to stay motivated in accomplishing that goal. A specific approach would be to allocate $400 a month (on top of your minimum payments) to have it paid off in 5 months. Of course, you can alter the details to best fit your budget.

2. Decide on Asset Distribution

Many individuals go with an all-in attitude to meet their financial goals. That may work for some people, but it’s not for everyone. If you have multiple goals, you can choose to distribute the wealth between them all so that each of your intentions are receiving a bit of love.

3. Practice Mindful Spending

It can be difficult to break out of old habits, like picking up food for dinner on the way home or grabbing an unnecessary trinket while you’re at the store. These frivolous purchases may seem harmless at the moment, but each thing you buy can quickly add up. For example, grabbing a small $3 every day equates to $90 a month which you could be putting towards your goals.

4. Factor in the Unexpected

No one wants to bet on failure, but part of setting realistic goals is to account for any mishaps that are out of your control. Being mentally prepared for this will make it easier for you to get back on your feet.

Bonus Tip!

Another way to stay on track in meeting your financial goals is to take up the stealth wealth trend which helps you better value your assets.

Bring Your 2024 Financial Goals to Fruition. Consult Maggi Tax Today!

Do you need help setting up your financial goals? Contact Maggi Tax today at (727) 799-1701 to schedule a consultation with our financial advisors! We’ll sit down with you to create a personalized plan that’s both realistic and rewarding.

With remote jobs skyrocketing in popularity in the past couple of years, more people are making the transition to self-employment. The difference that this makes in your tax filing process extends beyond reporting a 1099 form instead of a W-2. You may also qualify for certain tax write-offs or additional benefits. Learn more about what deductions you can make as a self-employed individual before consulting the experts at Maggi Tax for all of your tax needs.


The Life of the Self-Employed Individual


As of 2024, over 10% of Americans are self-employed. It’s a growing trend for those who either can’t find local jobs, prefer to work from home, or use their self-employed work as a side hustle. Either way, the IRS has recognized this area of the workforce and responded by approving tax write-offs specifically for the self-employed.


How Tax Write-Offs Make a Difference


What does it matter if you qualify for tax write-offs or not? Any expense that you’re able to write off is a little less that you will owe in taxes. Even if the savings aren’t enough to buy you a car or anything else as extravagant, every little bit adds up. It would be a waste to not take any extra cash you can. Plus, it doesn’t take a lot of work to tally up your deductions. The hardest part is figuring out what counts as a deductible.


Our Top 3 Tax Deductions and Benefits if You’re Self-Employed


  1. The Tax Cuts and Jobs Act


A benefit that is rather new is the Tax Cuts and Jobs Act which allows you to have a percentage of your social security tax be exempt from the amount you are taxed. This act was created specifically for self-employed workers, giving them another way to carve out additional savings.


  1. The Self-Employment Tax


With the Self-Employment Tax, you are able to deduct half of your owed taxes as a business expense write-off. This is one of the main ways that self-employed individuals are getting the most money back from their taxes.


  1. Work-Related Deductions


If you happen to buy anything for your business, it’s highly advised to keep track of your spending as they can qualify for work-related tax deductions. Consider expenses both big and small. Think outside of the box. For example, if you dedicate an entire room of the house to your business, you can count it towards your deductions! Other examples of work-related tax deductions for the self-employed include:

  • Office supplies
  • Gadgets and appliances
  • Mileage for business-related trips
  • Meals with clients or business partners
  • Out-of-pocket health insurance premiums
  • Contributions to retirement funds
  • Higher education expenses
  • And more!


Before you start writing off all of your expenses, it’s better to run them by a financial advisor since there are some purchases that may not qualify or certain expenses may have stipulations in order to qualify.


Why You Need a Tax Professional


As we already mentioned, it helps to seek out a financial advisor to ensure that your expenses are up to snuff. Getting a second opinion from a professional will help you avoid any unwanted audits. That’s only one of the many benefits of hiring a tax person. You can also use this service to maximize your taxes to either receive the highest possible return or the lowest possible amount of taxes owed. The tax experts at Maggi Tax have the skills and experience to offer you a customized solution!


Call Maggi Tax Today for a Consultation!


Are you self-employed? Call Maggi Tax today at (727) 799-1701 for a consultation on our tax services! We’ll guide you through the various tax write-offs and benefits you may qualify for to help you maximize your taxes.

Just because you have money doesn’t mean you’re obligated to flaunt it. If you’d rather be smart with your savings to safeguard your future, you’ll want to look into the “stealth wealth” trend that’s been popular during these hard economic times. Master this technique and take control of your personal finances before reaching out to Maggi Tax for trusted financial advisors near you!


What it Means to be Stealthily Wealthy


The stealth wealth trend glorifies the idea of being humble with your income, encouraging people to make smarter decisions when it comes to spending. These individuals are good at being incognito, making it difficult to determine their income class based on looks and mannerisms alone. Adopting this way of thinking can help you focus on what’s more important in life, valuing lifelong investments over material indulgences. Once you learn this priceless lesson, your future will hold greater rewards and fewer regrets.


How Keeping Secrets Affects Your Finances


Making an effort to hide your wealth can directly influence the purchases you make. For instance, you may look for clothing brands that are renowned for their longevity rather than trendy accessories that are doomed to fall apart or go out of style within the year. A more impactful example would be to choose a reliable Honda Civic over a flashy new Porsche. This level of frugality saves you more in the long run, ensuring your savings stay abundant into the future.


If you really want to invest your savings, a method that coincides with stealth wealth is to focus on goals-based investments that do nothing but improve your quality of life or set you up for success later on.


Lowkey Benefits of Stealth Wealth

Stretching your savings with smarter, more deliberate purchases is but the main benefit of stealth wealth. After practicing this method for a while, you may start to notice additional benefits such as:

  • Keeping your assets out of sight from those who seek to steal riches from those who are more well-off.
  • Avoiding constant money requests from family members, friends, or other acquaintances who may or may not return any borrowed funds.
  • Alleviating any stress or anxiety that often comes from fluctuating markets and investment losses.


Tips For Mastering the Art of Stealth Wealth


There’s more to the stealth wealth trend than just keeping your savings hush and making wise purchases. Those two main practices will get you far, but we have some added tips that will promote you to master rank in the art of stealth wealth.


  1. Diversify Your Assets


When you spread out your wealth into different areas, it draws less attention as opposed to pumping a massive amount of your savings into a single asset. Don’t think of it as diluting your money, but rather building multiple investments at once in a way that isn’t outright noticeable.


  1. Protect Your Assets With a Trust Fund


Utilizing a trust fund is the best way to ensure that your assets go to the right people without anyone being aware of your funds before they get distributed. This prevents your beneficiaries from getting impatient, and hastily spending their earnings before you have a chance to maximize them.


  1. Seek Guidance From a Financial Advisor


Safeguarding your assets is a reasonable situation where you need a financial advisor. Find someone who specializes in investment strategies and retirement planning for the best advice on where to put your cash. This will allow you to maximize your wealth while continuing to stay under the radar.


Get Help From a Financial Advisor Near You!


Reach out to Maggi Tax today at (727) 799-1701 to schedule a consultation and learn how to be smart with your savings! We have decades of experience in income planning, investment planning, and retirement planning to help you make the most of your earnings.

With inflation hitting some people harder than others, many individuals are trying to find ways to save in every aspect of their lives, including the way they file taxes. The topic of tax software in comparison to a tax professional has been debated for quite some time, but if you’re still left without a clear answer, we have it for you right here!

Discover whether tax software or a tax professional is right for you before reaching out to Maggi Tax for more advice on how to best handle your taxes.

Is Filing at Home All That It’s Cracked Up to Be?

There are a handful of factors that make online tax software so appealing to countless taxpayers. You can do it at home, they’re cheap (and sometimes free), and most importantly, it gets the job done. Single filers have been using this method for some time now without much issue, but it’s still not for everyone.

The main issue with tax software is that it’s easy to make mistakes, and these mistakes can get you in a lot of hot water depending on the gravity of your errors. It’s not as common for single filers to come across this problem because their income is usually pretty straightforward. But for those who have multiple sources of income, own a business, or are filing jointly, there’s more area to cover thus increasing your potential to overlook any blights on your report.

”Has tax software gotten better in 2024?”

Technology tends to get better over time, there’s no denying that. But that doesn’t mean it always gets better with age. In 2024, many users on social media have reported projected tax returns with amounts that surpass their base income, causing them to seek out professional help anyway to sort out what’s clearly a misunderstanding.

Reasons Why Nothing Beats a Tax Professional

It’s a tax person’s job to stay up to date on annual changes that can affect your taxes, making your trip to a professional a guaranteed way to get your filing done the right way the first time around. But what else can these experts do other than safeguard your relationship with the IRS?

  • Tax professionals have access to better software, streamlining the process and oftentimes granting you faster results.
  • While getting your taxes done with a professional, they can give you advice on how to prepare yourself better for next year whether it be how to organize your data or maximize your returns.
  • Your advisor will know how to handle the more “abstract” areas of tax filing, such as navigating the changes to the 1099-K threshold if you are an online seller.
  • A good tax professional will help you see the bigger picture, encouraging you to be efficient with your taxes for a better retirement.

Sitting down with a tax professional is a much more intimate experience that paves the way for greater insights and better outcomes, and that’s something you can’t get by sitting in front of a computer with only yourself to talk to. While it may work for some people, there are advantages to seeking out a trusted tax advisor near you.

Contact Maggi Tax For Tax Professionals Near You!

If you’ve been using tax software and want to see the difference in seeking a tax professional, reach out to Maggi Tax today at (727) 799-1701 to schedule a consultation with our skilled financial advisors! Learn more about our tax advisory services and take control of your finances for a better future.

You can be as prepared as you want for your retirement, but there are some things that you can’t help but worry about as the day approaches. It’s only natural to be wary of unfamiliar territory, but you don’t have to journey alone. Maggi Tax is here to help alleviate your retirement fears by addressing some of the most common concerns. If you need help, reach out to our advisors for retirement planning near you!


  1. Running Out of Retirement Funds

    Even if you started saving for retirement as soon as you possibly could, it’s easy to think that it might still not be enough to carry you through the remainder of your senior years. There are so many factors to consider, and any of them can change at any given moment. How can you expect to enjoy your hard-earned retirement when you’re constantly worried about your funds running low? It’s a valid concern and one that can be alleviated with help from a financial advisor.


    You’re more likely to feel comfortable the more money you have, but that means putting in more effort than predetermined contributions to your 401(k). A financial advisor will be able to show you more ways that you can save for retirement, maximizing your gains for a boost in your available funds.


    A good way to start is to check out our top end-of-the-year retirement tips for Florida retirees before reaching out to us to schedule a consultation.


  3. Changes With Rising Inflation

    When you make minimum contributions to your 401(k), you’re only accounting for the cost of living during the present day. As you may have already experienced, inflation can hit at any time and by any percentage. This unfortunate event can be enough to blow through your savings much sooner than you anticipated, leaving you high and dry.


    How can you combat inflation during retirement? We know a couple of effective ways. The first is simple: Increase your contribution amount so that your savings will create a larger snowball over time to account for inflated expenses. Another step you can take is to make the right investments that directly pertain to your cost of living during retirement. This part can be tricky, but our financial advisors can help!


  5. No Longer Having Social Security

    Aside from a retirement savings account like a 401(k) or IRA, another source of funding that many seniors rely on is Social Security. But what happens if this program comes to an end during your era or the amount that is distributed decreases? Social Security has been around since the ‘30s, so there’s a slim chance that it will disappear anytime soon (or at all). But even with that reassurance, it’s still not the best idea to rely solely on this program to cover your expenses. However, that’s not to say you shouldn’t make the most of it.


    Learn more > 4 Tips to Maximize Your Social Security and Pension Benefits In Early Retirement


  7. The Cost of Long-Term Living Expenses

    Some people don’t account for the full cost of living when planning their retirement. Your funds will be used for more than just food and property, and it’s best to figure that out now while you can still plan for those additional expenses. One of the most underrated costs is that of long-term care. At a certain point, you may need to hire a full-time caregiver to help you around the house and perform your daily routine, and the price for that can be pretty steep. If you don’t want to overlook any possible expenses, hire a retirement planner to assist you.


Plan For Your Retirement With Maggi Tax!


Aiming for a comfortable retirement? Call Maggi Tax today at (727) 799-1701 to schedule a consultation and receive professional retirement planning services near you!

Money is a topic that everyone is familiar with, but how do you know when it’s time to hire a financial advisor to help you manage your earnings? Take a look at these situations where it’s most beneficial to seek a financial advisor and find out how Maggi Tax can help you:

1. You Want to Start Building an Investment Portfolio

Buying stocks and making investments is a great way to make smart use of your money, but it might not be the greatest idea to do it on your own. Even with hours of research, there are some things that are better left to the professionals. For instance, a financial advisor can help you distinguish liquid investments from non-liquid ones and suggest what you should be putting your money into.

2. You’re Running a Small Business

When you run a business, you are faced with more financial responsibilities and a drastically different layout when it comes to taxes. Financial advisors can help you navigate your tax obligations and work out a solid plan.

3. You Just Received Some Inheritance Money

Inherited money, or any monetary gifts, can be used to bring you more gains or limit your taxes. Hire a professional to put your newfound cash to good use, or if you just want to learn how to handle monetary gift taxes!

Read more > 5 Key Investing Strategies For When You Have $100K Saved

4. There’s Been a Change In Your Marital Status

Getting married can greatly affect your taxes, but the reverse is also true. Whether you just got married or went through a divorce, it can be difficult to keep track of which tax bracket you’re in or what tax credits you may or may not qualify for.

5. You Want to Plan For Your Child’s Higher Education

Starting up a fund for your child’s future college costs isn’t always as simple as depositing extra cash into your savings account every now and then. By not reaching out to a financial advisor who is well-versed in saving for college funds, you could be missing out on the additional benefits that come from specialized accounts. The tax benefits of Florida 529 Plans are a great example of this.

6. You Need a Strategy for Paying Off Debt

Are you struggling to pay off debt no matter how hard you try? It can be disheartening to lose sight of the balance between your regular expenses and what you have left over to put towards what you owe, but a skilled financial advisor can help you find a budgeting strategy that works for you.

7. You’re a Senior Close to Retiring

It’s always advised to start your retirement fund as soon as you can, but it’s also never too late to start saving. A financial advisor who specializes in retirement plans can help you make the most of your savings, but they can also help you with other services like estate and legacy planning to ensure that your assets are secure for your beneficiaries.

8. You Have Dependents

Children aren’t the only ones who can be considered dependents. Any family member who is living with you can qualify under the right conditions, and that could lead to tax credits to help you maximize your taxes. A financial advisor can help you distinguish anyone who may be a legal dependent and whether or not you can find relief through tax breaks.

9. You Want to Lower Your Taxable Income

Even if you haven’t gone through any drastic changes, you can benefit from a financial advisor by seeking out effective strategies for maximizing your taxes. Every little bit counts and professionals like us can help!

For Trusted Financial Advisors Near You, Call Maggi Tax!

No matter your situation or financial goals, Maggi Tax has financial advisors to help you out with all of your needs! We offer retirement planning, estate planning, tax strategies, and more. Call us today at (727) 799-1701 to schedule a consultation!

There are many ways to save for retirement, and the possibilities extend greatly for small business owners. What are some of your best options? Discover the benefits of SEP-IRA and 401(k) accounts for small business owners before reaching out to Maggi Tax for retirement planning services near you!


A Brief Summary – Reviewing the Similarities and Differences


What does it matter where you put your retirement savings? Each type of account has its benefits, and it just so happens that SEP-IRAs and 401(k)s are a couple of the most recommended for small business owners and even those who are self-employed. Both are tax-deferred, and both can be used to open up retirement accounts for your employees as well.


Did you know that you can contribute to a SEP-IRA and a 401(k) if you’re self-employed?


The main difference between these two options is that SEP-IRAs are rather simple and straightforward whereas 401(k)s have more room for flexibility in your contributions. Let’s take a closer look at what that means for small business owners:


For Easy And Simplified Retirement Planning, SEP-IRAs Are There For You


SEP-IRAs were made specifically for small business owners as an easy way to benefit from retirement savings accounts. This applies to both the business owner and their employees. Funded by employer contributions, up to 25% of the business’ income can be saved up in a SEP-IRA. This method is commonly preferred for being an easy and simplistic way of saving funds for retirement without much additional management.


While employers can establish SEP-IRA accounts for their employees, they also have the right to exclude part-timers or those who are under 21 years of age.


Like More Control Over Your Savings? Solo 401(k)s Has You Covered


The easy route may be nice, but it doesn’t always get you the most out of your savings. For those who want to maximize their earnings for a larger payout, 401(k)s allow greater flexibility with contributions. The best example of this is that employees are able to save up to 100% with employer contributions of up to 25%. Even as a small business owner with no employees, you can still receive the employee benefits of a 401(k) with Solo 401(k)s. These benefits include:

  • Catch-up contributions
  • Roth contributions
  • Employee deferrals
  • Loan provisions


Learn more > Can I Contribute to Multiple 401(k)s at the Same Time?


How Can I Move Forward With My Preferred Savings Plan?


Does one retirement plan appeal to you more than the other? Or are you still not sure which one is right for you and your small business? Either way, consulting with a trusted retirement planner near you can give you the insight you need to make a smart decision. Maggi Tax carries years of practice in retirement planning and tax strategies to help small business owners like you get the most out of your savings!


Check out our tax guide for self-employed entrepreneurs for more helpful information on running your business with greater expertise.


Maggi Tax Can Help Set Up Your Small Businesses’ Retirement Plan!


Call Maggi Tax today at (727) 799-1701 to get started with a consultation to discover the best retirement plan for your small business! We’ll go over every aspect of your business and find the best solution to fit your needs and goals.


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4114 Woodlands Pkwy,
Ste. 303B
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3663 Central Avenue
St. Petersburg, FL 33713

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