AboutCarole Dunton Expertise Preparation of individual income tax returns including social security, pensions, lump sum distributions, sale of personal residence, stock and mutual fund sales, distributions from individual retirement accounts, moving expenses and itemized deductions.
General knowledge of schedule C for small sole proprietorships.
No experience in corporate, estate, partnership or large business returns.
Experience 8 years as tax preparer for major national firm.
Expert: Carole Dunton Date: 7/14/2008 Subject: SEP for SMLLC
Question I am the owner of a single member LLC without an EIN or other employees. Is it possible to have a SEP retirement account? If so, would the funds be deposited directly from the LLC into the SEP account, or would I write a personal check to fund the SEP? Thanks.
Answer Hi,
A single member LLC is not recognized as an entity for income tax purposes. The income and expenses are reported on Schedule C. You can have a SEP retirement account. If you have a separate checking account for the LLC write a check from it.
