I have two business/sole proprietor. For one I file a Schedule C. It is profitable. The other is farming (I file Schedule F) which almost always has a loss. I combine the two incomes and file a SE which means that my SS taxes are reduced by the farming income (loss). I have a SEP associated with the Schedule C business and I put 20% of the profit each year into my SEP. I called the IRS three times and each time they said this was correct even tho it is not
20% of the total on the SE. Is this correct? And why can't I save 25% like most do on a SEP? Is there a better retirement Plan?
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