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New Member
posted Apr 10, 2022 8:31:01 AM

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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2 Replies
Level 15
Apr 10, 2022 8:33:52 AM

Contribution to a SEP IRA would help. 

Level 15
Apr 10, 2022 9:45:39 AM

you must setup and fund SEP before Apr 18.

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