No. of Recommendations: 2
Just to clarify on the Single K contribution limits.
In general it is 40k 42k if over 50, but here is the breakdown:

12k "Employee" salary Deferral
25% of pay as an "employer" contribution
both amounts cannot exceed 40k.
However since you are schedule C it gets a little weird.
It is 25% of reported net minus 1/2 the self employment tax. this usually works out to around 20%.
If you are a Sub S corp or a C corp, then you can do the full 25%.
The $40k limit still applies.
The 2k Catch up is only if you are turning 50 this calendar year or are already over 50.


Bill
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