SEP IRA

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Question: Currently I have SEP, can I still buy tranditional IRA and get full or partial tax deduction?Thank you?

Answer: Obviously you know you can do both. The deductability of the IRA Contribution is based on your marital status and your adjusted gross income. If you are single the IRA would be fully deductible if your AGI is under $50,000. Between $50,000 and $60,000 you would allocate between deductible and non-deductible. Above $60,000 the IRA would be fully non-deductible.
If you are married the phase out limits are for AGI between $75,000 and $85,000.
You may also want to consider a ROTH IRA for the non-deductible portion if you meet the rules for contributing to a ROTH IRA.

SEP vs. IRA

Question: I’m self employed, and I’m looking for some other tax deductions for the 2007 calendar year.?

I’ve already contributed to my simple plan, my HSA, Roth IRA. I’m looking for some tax deductions, anybody got any tips?

Answer: all of your business expenses (depends how your set up). if you used your home for business you can expense plenty. including utility bills. i would try that avenue.

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