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The question is: Can I defer income tax on all or most of my earnings with a Keogh or SEPP IRA? At the same time I would take an equal amount out of a money market fund (money which has already been taxed and saved) for spending--it would be like having tax-free income, except for FICA.

Take a look at IRS Publication 560 for your options. I don't know much about Keoughs, but I'm pretty sure that a SIMPLE would let you defer more dollars than an SEP in your situation.

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