Every year about this time, as we get closer to tax filing time, I get a few calls from those business owners who couldnt quite get around to setting up a retirement plan before the end of the year. They ask the question with not a lot of hope in their heart: Can I still set up a retirement plan for last year?
Fortunately for them, there is such a possibility. I call it the procrastinators pension plan, but you probably heard of it under the name that Congress gave it: Simplified Employee Pension (SEP), which is an IRA-based retirement plan that a business owner can adopt for a prior year. Here are a few of the details:
