An account where you can withhold part of your income to then transfer into a SEP IRA (or other retirement account).
A retirement savings account is an FDIC-insured account where you can withhold part of your income to then transfer into a SEP IRA (or other retirement account).
Retirement savings not only help you prepare for your future, but may also reduce your taxable income.
Ruby Money's tax calculator uses the taxable income detected from your connected bank account, as well as the information you provide in your tax profile (State, Filing Status, etc), to help you estimate your eligible contribution to an SEP-IRA. If you are a sole proprietor or a single member LLC, you can contribute a maximum of 20% of the profit from your business pre-tax.
Your funds are FDIC insured up to $250,000 through Blue Ridge Bank; Member FDIC.