Adoption of SIMPLE IRA for a sole prop. - Do you think the Oct. 1 dead

[AndyT]

Earned income for a sole prop. is not known until after the end of the year, and thus, the deferral contribution cannot be made until such income is known. Also a sole prop. has no employees to give notices to and allow enough time to make a deferral.

With that in mind, does the Oct. 1 deadline for adopting a SIMPLE IRA really apply to a sole prop.? Why not use the SEP guidelines and as long as the SIMPLE IRA is adopted by the due date of the sole prop's tax return, then it is o.k.?

What do you think? Is the 10/1 deadline too clear to ignore?