Retirement accounts for Self Employed?

[stretchad]

DH is self employed. Right now he has no self employed 401k or other savings vehicle he's actively contributing to, but we're planning on setting one up before the end of the year. 

Can you recommend your retirement vehicle, if you're self employed? And any tips for figuring out how contributions could impact the amount of quarterly taxes we should be paying, without having to go to a CPA to figure it out? Any good calculators to check out?

[scout8]

DH and I are both self employed. We max out our Roth accounts and then contribute to SEPs.

I'm not sure about the answer to your second question, but if he contributes to a Roth, this won't change the quarterly payments. For the SEP, I would think you could just subtract that contribution from your income when determining the quarterly payment.

I don't actually make any quarterly payments until the end of the year. We do use a CPA and get our info to him at the end of the year. Then, we make all of our quarterly payments at once before the 4th quarter is due. I don't think this is what you are supposed to do, but it has worked for us.

[mokes]

Ditto RockNVoll -- SEP IRA

SEPs do reduce your taxable income, you contribute a % of your net profit. For that reason, I usually don't make a contribution until the end of the year, when I know my totals. (Though you could do it throughout the year as well.) I'm not familiar with a calculator though.