[[ I'm thinking of opening a SEP IRA with $6,000.00. Vanguard appeals to me because they have minimal fees. Any other suggestions on where to open the SEP IRA are welcome.]]While I'm not going to comment on your investment vehicle, I'm a little concerned about your $6k SEP contribution. Since you are new to investing, I'm concerned that you may not know that your SEP deduction and contribution is based upon your net Schedule C income (or some other earned income). And, based upon your SEP amount, your Sch C income must amount to about $46,000. Is this the case? If not, you'll need some help with your taxes prior to your investing. Remember that you can't just pick a SEP contribution number out of the air. It has to be based upon earned income.For additional information on SEPs, see IRS Publication 590.TMF TaxesRoySPECIAL NOTE: I try to answer as many questions as I can each week, and I generally select those that have not been asked before. If you don't get a detailed answer to your question, it is probably because my time is so limited during tax season, or because it has already been asked and answered in this folder in the past, or because it has been discussed in the Taxes Frequently Asked Questions area. In order to visit the Taxes FAQ area, go to the Fool's School area (http://www.fool.com/school.htm) and check out "Other Features" in the list box, OR you can jump directly to the Taxes FAQ area (http://www.fool.com/school/taxes/taxes.htm). Additionally, if any references were made to the IRS Web Site, you can get there by pointing your web browser to (http://www.irs.ustreas.gov)
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