Home Forums Hunting & Shooting Hunter's Campfire SEP Questions - Tax Time again

I have some general questions and I know some of you guys on here are pretty knowledgeable.

Setting up an sep for 2020. Have a very large potential tax burden from 2020 and this is one way to reduce it somewhat.

Who do you guys use to handle your seps or other investment accounts such as this?

Is the deadline for setting up an sep pushed back to next month or do I need to get it done today? I am just winding down my busy season so I find myself up against the deadline again.

Any general recommendations from people who have done this?

I have mine with a guy from a local Northwestern Mutual Investment office who handles mine. I dont know when the deadline is to set it up but I dont have to contribute to it until just before I file.

You have until 17 May for your 2020 tax filings according to this IRS announcement.

https://www.irs.gov/newsroom/irs-extends-additional-tax-deadlines-for-individuals-to-may-17#:~:text=WASHINGTON%20%E2%80%94%20The%20Internal%20Revenue%20Service,filing%20certain%20claims%20for%20refund.

You normally have to make your contributions by the time you file, thus, if you file an extension this could be as late as October 15th.

My SEP-IRA is through my bank where my personnel and business accounts are located.

Not familiar with SEP rules, but my company Simple is run through Vanguard. Very easy to set up, but not sure you can get it done today. Might be worth just setting it up and funding it at your local bank branch today, and then roll it into the investment account of your choice when time allows.

Heard back from my accountant. We have until next month when we would be required to file our extension.

I will look into Vanguard. Thanks.