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If you are self employed, the overall impact on your taxes will be the same. Pre tax contributions are not included in your income for the year, and employer contributions are fully deductible.
So, it doesn't matter which you use - the end result is that you will pay less tax.
Great! That makes sense. So the deduction works the exact same as a pre-tax contribution, in that it reduces the total amount of money that gets taxed as income?
That is totally correct.
So, it doesn't make a difference.
Thank you. That was easy!