Thanks for the reply! Am I understanding a SEP-IRA correctly that I can deduct 25% of the 1099 income before taxes and put it in the IRA, then only the remainder of the 1099 income is taxed?
What is the process of setting up a SEP-IRA?
Regarding deducting applicable expenses, what can I deduct in my situation? I use my personal computer to write, which is the same computer I use for my FT job and my personal use. I work at home in a space that is multi-use.
Thanks!
