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A few weeks ago I received an email from someone I affectionately call Blogger X.

In that email, Blogger X asked me for some ideas on how to reduce his taxable income. I decided to write a post addressing some of his concerns and in that post I listed 3 different retirement plans that allow for self employed individuals to shelter gobs of income:

• The Pros and Cons of a SEP IRA
• The Pros and Cons of a SIMPLE IRA
• The Benefits of Owning a Solo 401(k)

Now, the reason I bring all this up is because earlier this week I received a very thorough email (below) from a conscientious reader, and in that email (as you will see) he references the above articles. So, I just want anyone coming across this post to be up to speed;) My answers to his questions are highlighted in blue.

Without further ado…

Continue Reading “A Reader Question Regarding Self Employment Retirement Plans”