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If you do not participate in an employer-sponsored plan, such as an SEP IRA, SIMPLE IRA or qualified plan, contributions to your Traditional IRA may be tax deductible.
FORBES: IRA Contributions: Deductions and Tax Credits
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She runs Velocity Physio with a partner so her earnings flow through to her personal income tax return, and the SEP IRA helps reduce her tax burden while boosting her nest egg.
FORBES: How Career Switchers Can Boost Retirement Savings
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Here goes: deductible IRA, nondeductible IRA, spousal IRA, inherited IRA, Sep-IRA, Roth IRA, 401(k), aftertax 401(k), Roth 401(k), Simple IRA and Simple 401(k).
FORBES: Roll Over and Die Laughing
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Similarly, a rollover from a pre-tax 401(k), 403(b) or 457(b) plan into a traditional IRA also qualifies, as well as a rollover from a SIMPLE IRA and SEP-IRA to a traditional IRA. Rules and restrictions apply, so keep reading.
FORBES: Taxes From A To Z (2013): I Is For IRA Rollover
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Have automatic payroll deductions (or deductions from your checking account) of at least 10% of your income made into a 401(k), 403(b), Roth, or traditional IRA, or self- employed retirement plan (SEP-IRA, SIMPLE IRA, solo 401(k)).
NPR: Untangle Your Finances Before Tying the Knot
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If you want to save more or can't use a Simple, consider a SEP-IRA or a profit-sharing plan.
FORBES: Self-Employment
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The solo 401(k) has some key advantages over a SEP-IRA. You can shelter more at lower earnings levels.
FORBES: How Entrepreneurs Can Get Big Tax Breaks For Retirement Savings
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SEP-IRA, for his band members, and began to pay into it.
ECONOMIST: What do musicians do when they rock towards retirement?
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But he now had extra income from moonlighting and wondered whether he should use it to fund a tax-deductible SEP-IRA (a special individual retirement account for the self-employed), or should pour his extra savings into the 529s.
FORBES: 11 Ways To Tap Retirement Cash Early, Without A 10% Penalty