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Employer Issues
Reply to "SEP (retirement plan) and employer taxes"
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[quote=Anonymous]We'd like to help our nanny save for retirement, so would like to contribute $5,000 per year. Establishing an SEP seems like a good strategy, because it wouldn't affect her taxes now, and when she retires, she would be in a much lower tax bracket (since she will return to her home country. She has a visa here now). Several web sources i've seen suggest that a) the SEP contributions we make may be deductible, and b) there may be a $500 tax credit for the first three years we offer this product. We've written our nanny payroll processor three times with no response (admittedly it's a busy time as many people are filing taxes). Can anyone confirm that these contributiosn are tax deductible? And if so, where would we enter them on turbotax? Thanks[/quote]
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