Self-Employed Retirement Plan Comparison: SEP IRA vs Solo 401K vs SIMPLE IRA

While completing my taxes in prior years, I started noticing that I would have a not insignificant tax bill due from self-employment and side project income unless I found a way to reduce my taxable income (especially with full-time employment income in the mix). Our (Mrs. 20SF and I file jointly) income levels were beyond where I could contribute to a Traditional IRA (we were above the IRA contribution limits) – so that was not an option. And contributing to a Roth IRA (after-tax) would have defeated the whole purpose of reducing taxable income. So, after a number of years The post...

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