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There aren't many better deals for selfemployed carpenters or small construction businesses than tax-deductible pensions, like Keogh plans or IRAs. The money you put in comes right off the top of your income, so you don't have to pay tax on it — not in the year you earned it, and not while it sits in the account, accumulating interest. In fact, you don't pay income tax on these types of pension plans until you retire and starting collecting the money, by which time you could be in a lower tax bracket. But only about 5% of the people who are eligible for an IRA or Keogh pension actually have one. This may be yet more