Hello Mustachians,
I work for a tiny business with 6 employees that are basically friends and family of the owner. There is no 401k, SEP IRA, or SIMPLE IRA in place (though I'm not sure how the owner funds his own retirement plan). Instead the owner makes a contribution directly to each employee's IRA.
What I don't quite understand is how this would be reported on tax returns or impact taxable income?
Thanks in advance for any help!