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Yes set up your SEP IRA. I beleive the maximum you can put in is 25K. I have a SEP and a traditioinal IRA. I chose the traditional IRA because of the income in my household for the Roth does not allow us to maximize it.

Your wife can set up both too. However with a Roth IRA it gets difficult because you both have income. Refer to the link below and it might help you out with regards to the Roth. Also your accountant should be able to figure out what is best for you.

http://www.fool.com/taxes/2000/taxes000114.htm
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