Best IRA for Self-Employed -- Simple IRA or SEP IRA ?? (business, deductible)

[FiveLoaves]

I'm Self Employed, own my business as a Sole Proprietor.

A Simple IRA would allow me to make a larger contribution. Downloading the forms they want filled out....8 pages ?!?! There's nothing "Simple" about a Simple IRA.....HA !! The Forms are asking questions that don't seem pertinent to my needs. I just want to make a single deductible contrib, no Employer Match, no monthly paycheck.


Does a SEP IRA offer a better deduction ??

Should I just use my existing IRA for this contrib ??

[rrah]

I assume you have a tax accountant? Ask the accountant which would be the best option for you. You need to think about how you will fund it-through the business or personally. My husband and I are self-employed with an incorporated business. We use a traditional IRA: a decision we made years ago based on our accountant's advice.