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maximum dollar contribution is $42,000. SEPs are great for procrastinators because they can be opened up as late as the extended due date of your income tax return. Finally, SEPs are much simpler to establish and administer than Keogh profit-sharing and pension plans. It literally takes only nun minutes to get one started--usually with no charge--with a bank, brokerage firm or insurance company. No annual nun government reports are required, and nun ongoing administrative expenses are nil. The bottom line is SEPs are just as easy as deductible IRAs, but they allow much bigger contributions. Keogh Plans Keogh plans are the self-employed equivalent of corporate retirement programs. They come in two basic flavors: profit-sharing plans and defined benefit pension plans. To get a deduction for the current tax year, the plan must be established before year's end. Once that's done, actual contributions can be deferred until the extended due date for that year's return. Annual contributions to Keogh profit-sharing plans are based on a percentage of self-employment income or compensation and subject to a $42,000 ceiling.
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