Hi all!

I'm a yoga instructor in NYC (very high taxes :-/) Most of my income comes in from cash (private lessons) or 1099 (studios). One of my husband's coworkers said that I could use a SEP IRA to deduct my 1099 income, to save on taxes. I always thought that SEP IRAs are only for businesses or consultants. I wouldn't call myself a business, just hustling and trying to book classes to pay the bills.

Normally, I would seek advice from a tax pro, but the one that I talked to didn't give a definitive answer.

My husband and I are are the types who balance saving for the future at the same time as enjoying life now. We'not extravagant by any means, but if we can look towards the future while saving on taxes, that would be the best situation.

Thank you!