My husband has his own insurance business and we owe taxes for tax year 2024. He was going to contribute to a Traditional IRA to help decrease what we owe, but then I saw he could do a self employed contribution to an IRA and I think it would be more advantageous. From what I understand, he can contribute 25% of his earnings to an IRA, is that correct? Any other info you can help me on would be appreciated. Thank you.
