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A SEP is a form of IRA.
It offers you the opportunity (but not the obligation) to shelter more money in your retirement account than a plain IRA.
You have no full time employees. If you have part time employees I'm not sure whether you would need to include them in a SEP. If it is just yourself, there are some additional papers to be signed, but it acts just like any other IRA. You can also, in addition to the proportion of profits you can put into your SEP, put $2000 of traditional IRA money each year into that same account.
Your custodian may charge a fee for the SEP even if they don't for a plain IRA. Or it may not.
If eligible for a SEP, and if your part time employees don't create a problem, go for it.
Best wishes, Chris
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