Hi,I have my own company (self-proprietorship) and want to start putting money (and keep in stocks) into some kind of IRA.I am the only emploee. My question is which IRA is better for me considering tax deduction. I make about 60k/yr and can probably put aside 10-15k/yr.I read some previous messages but couldn't find clear answer. Any help would be appreciated.Thanks.
My question is which IRA is better for me considering tax deduction. I make about 60k/yr and can probably put aside 10-15k/yr.Can't say this will be best for you, but in a similar situation, I had a one-person S-corp consulting firm. To maximize tax-deferred savings, I set up two qualified retirement plans, one a profit-sharing and the other a money-purchase pension plan. The maximum combined contribution between the two plans was 25% of income, which would seem to handle the upper end of the contribution range you're trying to achieve.If you desire to contribute a lower percentage, there are more choices available - SEP, Simple, etc.
That is easy. SEP
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