Category Archives: Self-Employed

Ask Linda: I moved to consulting status – now what?

Dear Linda, I recently transitioned from being a salaried employee to a self-employed consultant. I like the flexibility but realize that I have more responsibility with regards to my finances. For example, I was previously enrolled in my employer’s 401k plan and now I am not sure how to save for retirement. I am also confused about taxes – my employer withheld money from each paycheck but no taxes are being withheld when clients pay me. And people keep sayingRead More

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Consider a SEP-IRA. A Simplified Employee Pension (SEP) plan is a retirement savings vehicle available to those who are self-employed. This past year, I came across a handful of new clients who were self-employed and not aware of a SEP-IRA and its benefits. The following is a summary focused towards business owners who do not have employees. You can use the SEP-IRA with employees, but I do not go into the details of that below. A SEP-IRA follows the sameRead More

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