I'm able to start investing the money for my future, and I cut my tax bill by around $3,500.
This included a federal tax bill of around $9,700 and a New York state tax bill of around $3,300.
Freelance income often fluctuates year to year, so this type of retirement account is great for meeting that need.
All in all, my new tax bill was around $9,400 — with a $7,200 federal bill and a $2,200 New York state bill.
If you're a freelancer looking for last-minute ways to reduce your taxes, consider opening up a SEP IRA account before the deadline.