Son, did you open that traditional IRA like I told you to?
No, I did not.
And why not?
Because I'm an entrepreneur now, Dad. I opened a SEP IRA where I can contribute ten times what you can to your little traditional IRA.
And that $61K is all deductible?
Yup.
Don't you have to also contribute to your employees' plans?
If I had employees, yes, but I'm a Fortnite strategy consultant, Dad. I work odd hours, and I work alone.