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On a related note, is there an advantage/difference between an IRA or SEP, or are they functionally equivalent but just have different limits? Do either of them avoid the self employment tax, or the individual side of social security?

And with a ROTH/IRA you have up until tax day to make your contribution for the proceeding tax year. Is a SEP the same in that respect?

Sorry, I'm new to SEPs and the self employment tax in general, though truthfully I also can't remember if a standard 401k deduction avoids any of the various payroll taxes other than federal income.


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