I have the pleasure of working with a successful attorney who’s been practicing law for over 10 years. He engaged our firm 3 years ago. Last year, he augmented, because of the great work he’s doing, which caused revenue to go up. Great, but this means tax base increases along with it. So he consulted us to tackle a tax plan to lower his tax pays. In the past, we had spoken of depreciation, among different ways of achieving our goal of lower tax pays. This time around, we suggested adopting and investing in a SEP IRA. As you know, a SEP is a retirement plan that and individual can establish through their employer or they can themselves if they are self-employed. Due to this investment, my client was able to write off $51K, and save $15K in Federal and State income tax. Another plus to this, is you can defer income tax into financial products (stocks, bonds, etc.) and if managed right, you can make money over time. Before you decide to invest in an IRA, such as this one, be sure to consult your CPA and financial adviser for a tax plan.