http://www.moneycrashers.com/tax-considerations-for-self-employed-income/ Personal Finance Blog, Your Guide to Financial Fitness Fri, 10 Feb 2012 01:15:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://www.moneycrashers.com/tax-considerations-for-self-employed-income/#comment-6579 savvy Tue, 16 Jun 2009 14:54:18 +0000 http://www.moneycrashers.com/?p=835#comment-6579 Your friend should note that there is a specific calculation to be used when determining SEP-IRA contributions. It isn't 25% of gross income. That said, it can be a great tool for small business owners. However, depending on your friend's revenue, s/he may want to consider other options such as a solo 401(k). Your friend should note that there is a specific calculation to be used when determining SEP-IRA contributions. It isn’t 25% of gross income. That said, it can be a great tool for small business owners. However, depending on your friend’s revenue, s/he may want to consider other options such as a solo 401(k).

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