You can offset a large chunk of your small-business income if you contribute it to a tax-deferred retirement account…some options for you:
a. IRA: up to $6,500
b. SEP IRA: up to 25% of your business profit
c. Simple IRA: up to $15,500 plus 3% of your business profit
d. Solo-401K: up to $24,500 plus 25% of your business profit
e. Cash Balance Pension Plan: up to approximately $300,000