If you run a profitable eBay business, full-time or part-time, you may be able to gain tax relief and build up retirement savings through a qualified retirement plan and/or IRA. For example, if you net $40,000 from an eBay business and make a tax-deductible contribution of $5,000 to a retirement plan, you only pay income tax now on $35,000. If you’re in the 25% tax bracket, the write-off essentially means that the contribution is only costing you $3,750 out-of-pocket; the government is contributing $1,250 through the taxes you save by making the contribution.
The type of plan you use and the amount of money you put into it depends on several factors, including how much you want or can afford to save, whether you have other retirement plans, whether you have employees, and your years until retirement. Here are just three options to consider:
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