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Despite the lengthy name, Simplified Employee Pension (SEP) IRAs have a reputation for being relatively straightforward and inexpensive plans. Because any type or size of business can have a SEP IRA, check out the simplicity and flexibility it can offer. For example:
For 2020, you can contribute either 25% of your compensation or $57,000, whichever is less.
You must establish and fund your SEP IRA by your business' tax filing deadline, including extensions.