SEP deductions

[dhawkcpa]

Cash basis self-employed wants to deduct both 2011 and 2012 maximum SEP contributions in 2012 because of higher tax bracket in 2012. The 2011 contribution is made in 2012 prior to due date of return and the 2012 contribution could be made either in 2012 or 2013. Is this even an option?? Thanks for your thoughts.

[ChEAr$]

Cash basis self-employed wants to deduct both 2011 and 2012 maximum SEP contributions in 2012 because of higher tax bracket in 2012. The 2011 contribution is made in 2012 prior to due date of return and the 2012 contribution could be made either in 2012 or 2013. Is this even an option?? Thanks for your thoughts.

The only option I know of is whether or not to deduct the proper amount for 2011 on that year's return. You just can't bunch em up to suit you. Remember that the proper deduction for any one year is the allowable percentage (max 25) of income from the proprietorship for that year.

[Burke]

Cash basis self-employed wants to deduct both 2011 and 2012 maximum SEP contributions in 2012 because of higher tax bracket in 2012. The 2011 contribution is made in 2012 prior to due date of return and the 2012 contribution could be made either in 2012 or 2013. Is this even an option?? Thanks for your thoughts.

No, it is not an option.