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We just had a discussion last week while at an art fair with a very well known ceramic artist. He was bemoaning the amount of taxes he had to pay this year. Jim asked, "How much did you contribute to your retirement accounts?" His reply was, "I do not have any retirement accounts".

 Jim is a retired investment advisor with Smith Barney, and was astonished. Here are some bullet points for all who have any income from their business:

• Almost anyone who has income from their own business may open a retirement account and fund it with tax deductible contributions.
• The limits on the amount of contributions vary, but can be quite large and of significant advantage in reducing current tax liability and in guaranteeing an income stream when you no longer wish to participate in this business.
• There are several ways to get good advice, investigate more than one.

No one is likely to give you much valuable advice for free, some are commissioned on the sale of product to you, some charge a flat fee. Investigate!  One strong recommendation would be Fidelity on line, but you lose the person to person contact. In any case, do not allow anyone to sell you tax free or tax deferred products (such as variable annunities) to go into your retirement account, as they are already tax free.