At Payne Nickles & Company, our mission is to provide forward-looking, client-oriented professional accounting and advisory services. That means we’re here not just to help you file tax returns, find deductions, and stay compliant each year—but also to guide you toward proactive financial strategies that make a real impact. 

Over the next few months, we’re shining a light on four big opportunities we see clients miss. These are chances to lower your tax bill, grow your savings, and plan smarter. In each article, we’ll break things down and share a case study to show how it works in real life. 

Let’s start with one of the most flexible, easy-to-set-up retirement plans out there: the SEP IRA. 

Could a SEP IRA Help You Save More for Retirement? 

What’s a SEP IRA? 

A SEP (Simplified Employee Pension) IRA is a retirement account that allows business owners to make tax-deductible contributions to their own and their employees’ retirement accounts. 

Here’s what makes it stand out: 

• Flexible contributions: You can contribute anywhere from 0% to 25% of compensation each year, on your own schedule. Some years you can skip it. Other years, you can contribute more. 

• Simple setup: The plan does not require annual IRS filings and is easy to open. 

• Late deadlines: You can set it up and fund it up to your tax filing deadline (including extensions), and still apply it to the prior tax year. 

Who Should Consider It? 

• Small business owners or freelancers who want a simple way to save more for retirement. 

• Sole proprietors, partnerships, and corporations, including S corporations. 

• 1099 contractors who are self-employed and looking for a retirement option beyond the standard IRA. 

Who Might Not Benefit? 

• If you want a Roth-style plan with after-tax contributions, a SEP isn’t for you. 

• If you don’t want to make equal percentage contributions for all employees, it could get expensive. 

• Owners who want more control over varied employee benefits might prefer another plan like a 401(k). 

Don’t Leave This on the Table 

If you’re self-employed or own a small business, a SEP IRA could be a game-changer. But you won’t know for sure until you talk it through. 

Call us before your next big decision. Whether you’re setting up a retirement plan, buying equipment, or expanding your business, a quick conversation could save you money—and help you avoid missed opportunities.