Per Diem Rates from the U.S. General Services Administration
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Rates are set by fiscal year, effective October 1 each year. Find current rates in the continental United States ("CONUS Rates").
Deduction Limits for SEP-IRA Contributions
Self-Employed Individuals:
The deduction limits for employees also apply to self-employed persons.
However, self-employed persons must perform a special computation to figure their maximum deduction for contributions made to their own SEP-IRA.
For employees, the most you can deduct is the lesser of:
- Your contributions (including any excess contributions carryover) or
- 25% of the employee's compensation not to exceed $50,000 per participant
for tax year 2012.
Note: The compensation you may consider for SEP contributions is limited to $250,000 in 2012.
Where to Deduct SEP Contributions
Self-Employed Persons:
Contributions for yourself are deducted on:
Employees:
Contributions made for employees are deducted on the business tax return:
- Sole proprietorships use Schedule C
- Partnerships use Form 1065
- C corporations use Form 1120
- S corporations use Form 1120S
- LLCs use Form 1065 unless an election was made for the entity to be taxed as a corporation. In which case, Form 1120
or 1120S would be used.
Due Date for Making Deductible Contributions
You have until the due date of your return (including extensions) to set up a SEP plan and make deductible contributions.