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I'm the sole employee of a small not-for-profit organization looking for a way to shelter some income. The organization has no retirement plan. I am trying to find a way to shelter a substantial amount of income, so the traditional IRAs and Roths do not suit my needs (contribution limits are too low, and my income is too high).

The options I'm considering are:
1) I could become an independant contractor, instead of an employee, then set up a self-employed account, such as a Keogh or SEP-IRA. (I would then have to pay all of my social security taxes, so this option would cost me roughly $6K, and come with lots of extra tax paperwork).
2) I think a SEP could be set up by the organization (I could get them to do this) which would allow me to put up to $30K away. But I'm not sure if the organization is qualified to set up a SEP.

Any information or suggestions are appreciated.
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