Important Tax Deadlines for the Self Employed

Tax deadlines for tax planning by the self employed

Alexandria, VA (PRWEB) September 9, 2004 -- Lamaute Capital, Inc., an investment brokerage that specializes in retirement plan for small business, reminds self-employed individuals of the following deadlines that may be useful for tax planning.

September 15 -- Deadline for the self-employed to make their third 2004 estimated tax installment payment. The IRS will generally extend the deadline for residents of recent disaster areas (i.e. from hurricane Frances).

October 1 -- Last day to establish a SIMPLE IRA retirement plan for the 2004 calendar year. The maximum contribution for 2004 is 100% of salary up to $9,000 -- or $10,500 if you are age 50 or older. The employer must also contribute, most often through a matching contribution of up to 3 percent of pay.

December 31- Last day to establish a Self-Employed 401(k) plan for the 2004 calendar year. The maximum 401(k) contribution for 2004 including salary deferral and employer contribution can be up to $41,000 plus an additional $3,000 for those age 50 or older.

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