October Tax & Financial Deadlines

Welcome to the Final Quarter of 2022!!

A few important deadlines are coming up this month that you might need to be aware of.

1st deadline is - 10/1/22!!

• Safe Harbor 401K Plan for 2022

  • Deadline is October 1st.  

  • This is to establish the plan for current year of 2022 for you and your employees.  If you do NOT have employees, this does not apply to you.

2nd Deadlines are - 10/17/22...(normally 10/15...but that is a Saturday this year)

• Tax Filing Deadline (if you filed an extension)

• 2021 SEP IRA Contribution Deadline

  • NOT applicable for S-Corps

• 2021 Solo 401K Contribution Deadline

  • NOT applicable for S-Corps

If you are unfamiliar with a SEP IRA…

They are likely your last remaining tax planning strategy for your 2021 tax situation.  

Unlike Traditional IRAs & ROTH IRAs...SEP IRAs are only available for business owners.  

They allow you to contribute pre-tax money to an IRA account from the business….(limits apply).  

Business owners that filed a tax extension have until October 17th to make a contribution to a SEP IRA.  

Even if you made an IRA or ROTH IRA contribution for 2021...

...you may still be eligible to make a business contribution to a SEP IRA.

The contribution limits and eligibility can be complex and vary based on your income...so please consult a qualified financial professional.   

If you are an Online Coach that has NOT filed your taxes yet…this might be helpful to you!

The deadline in Oct 17th, so if you want to know how much this could save you…

...Schedule a Wealth Building Strategy Call with me today!

Best

Pat

Disclaimer: This is meant to be educational only. This is not advice for your specific situation. Please consult your Tax or Financial Professional before starting or contributing to any type of retirement plan.