A SEP IRA, or Simplified Employee Pension Individual Retirement Account, is a retirement plan option for small business owners that allows them to make tax-deductible contributions to their own retirement account and their employees' retirement accounts.
SEP IRA stands for Simplified Employee Pension Individual Retirement Account, which is a retirement savings plan designed for small business owners and self-employed individuals, allowing them to make tax-deductible contributions to their employees' retirement accounts, as well as their own.