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You mom probably not alone. You have heard of the old saying "better to start late never." Depending on your Mom's income, and you stated that she is self employed, you should investigate a SEP or simple IRA. A SEP (simplified employer pension) allows her to put up to 15% of her net income away in this qualified tax deferred account. A simple IRA allows her to place up to $6,000.00 away each year. Thre is a little more to each type of account. Personally, you should get busy to determine the best options available to you mom, . . .do it NOW as you can still make a contribution for 1999 and start making contributions for tax year 2000 ASAP. Does your mom have an accountant? He can give you preliminary information to consider for her taxable income. Also, how many years does you mom plan on working? Good Luck!
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