Is there a decent sized deduction we can use to minimize what we owe, using wife's small business and some sort of retirement account?

Wife and I have a very large tax bill according to TT and I'm hoping to minimize the pain. Wife has a small business as a psychologist, and she made a profit last year. Is there a retirement vehicle she could take advantage of this late that would give us a deduction (and the largest one possible?!) Thanks in advance.

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Is there a decent sized deduction we can use to minimize what we owe, using wife's small business and some sort of retirement account?

Contribution to a SEP IRA would help.

Is there a decent sized deduction we can use to minimize what we owe, using wife's small business and some sort of retirement account?

you must setup and fund SEP before Apr 18.

Let TurboTax calculate the max allowed since it depends on your final tax return.

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Is there a decent sized deduction we can use to minimize what we owe, using wife's small business and some sort of retirement account?

Is there a decent sized deduction we can use to minimize what we owe, using wife's small business and some sort of retirement account?

Is there a decent sized deduction we can use to minimize what we owe, using wife's small business and some sort of retirement account?

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Is there a decent sized deduction we can use to minimize what we owe, using wife's small business and some sort of retirement account?

Is there a decent sized deduction we can use to minimize what we owe, using wife's small business and some sort of retirement account?

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