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"I need some advice.... I do consulting work in addition to my regular job and do not want to pay all that tax at the end of the year on 1099 type earnings.... would a sep ira be possible in this instance ?"

Yes. You can deduct about 15% of your self-employment income.
You may also need to pay quarterly estimated taxes unless your withholding on your regular job covers 100% (110% if you are very
well paid) of your 2000 taxes. You may also need to make state
estimated tax payments.
Good luck! Chris

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