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If you are a sole proprietor llc and contributing to a SEP

should it be contributed from...
If you are a sole proprietor llc and contributing to a SEP should it be contributed from a personal account or business account? I would think personal since on your tax return it is deducted on the 1040 and not the schedule c
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Answered in 1 minute by:
12/12/2017
Tax.appeal.168
Tax.appeal.168, Tax Accountant
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SEP contributions are made by employers, therefore, the check should come from the business account instead of the personal account. SEE BELOW:

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Only an employer can maintain and contribute to a SEP plan for its employees.

REFERENCE SOURCE:

http://hr.cch.com/news/pension/070111a.asp

---------------------------------------------

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I take it that you are a single member LLC. There is no such entity as a sole proprietorship LLC. A business structure is either a sole proprietorship, an LLC, or other recognized business structure. As a single member LLC, I take it that you have a separate business name and bank account. The business account is the account that the SEP contributions should come from.

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