Following is information to begin learning about retirement plan options for a small business. The link below will provide more specific information from IRS.
Our office does not administer retirement plans. However, we can recommend a financial planner to assist you, and help with determining the limit of contribution.
This content is meant to be combined with further study and conversation for complete understanding.
SEP contribution rate is based on compensation and must be the same for all employees. This is a good option for a sole-proprietor with no employees. Only the employer may contribute.
A written, nondiscriminatory plan is required. Both the employee and the employer may contribute.
Contributions to an IRA require earned income, and may be deductible on your income tax return. Higher Income may limit deduction.
Contributions to a Roth IRA require earned income, and are not deductible. Earnings are not taxed if the rules are followed.