Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.
If your income was claimed on schedule C you're considered self employed. You could make a contribution to your SEP IRA subject to the limits
OK, well, that's a reasonable (and legit) way to shelter some of that money, since I'll be 59 in February 2014 anyway, there won't be penalties if I need to make withdrawals for him, right?
If you are at least 59.5 then there's no penalty to take funds out of a SEP
SO, That's good. OK, that's it. Thank you. I'm posting an unrelated question now. Take care.