Subscribe to Entrepreneur for $5

Limited Time Only

There's still time to save on your taxes--we can show you how.

This story appears in the March 2005 issue of Entrepreneur. Subscribe »

April 15 is fast approaching, but there's still time for some last-minute moves to help trim your final tax payment.

For example, if you haven't already done so and your retirement plan allows it, be sure to make a contribution by April 15. Contributing to a retirement account, such as a Simplified Employee Pension (SEP) plan, is an easy way to help lower your tax liability for 2004. The IRS gives you until your business tax deadline (plus extensions) to set up an SEP and make a tax-deductible contribution. An SEP allows you to make a larger deduction than an IRA does. It's possible, for example, to contribute up to 25 percent of the first $205,000 of compensation, subject to the contribution maximum of $41,000, whichever is less.

Continue reading this article -- and everything on Entrepreneur!

Become a member to get unlimited access and support the voices you want to hear more from. Get full access to Entrepreneur for just $5!

3 months free with code ZENDESK

Presented by zendesk

3 months free with code ZENDESK