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How to Improve Your 2019 Tax Situation
Part 3: SEP IRA
If you are self-employed, establishing a SEP plan and making SEP contributions could reduce your adjusted gross income and taxable income for the year. If you have any employees who met the eligibility requirements of the plan, comparable contributions, which would also reduce your AGI and taxable income for the year, would have to be made for them.
A SEP plan allows a very flexible contribution percentage (it can vary widely from year to year), which provides much sought after flexibility in many cases. In addition, because this plan allows a full year’s worth of contributions to be made up to the tax-filing deadline (and the plan can be established immediately prior to the contribution), this could be helpful to you if you have an extension for your 2018 federal income tax return.