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Thanks Peter and AJ. You have given me more info in a couple of posts than my CPA does all year! Much appreciated!

Our small business is a subchapter S corporation. I know our income was over the limit for us to get Roth IRA's.... I think our after tax income for the corp was $200K (approx.) last year. That is why I am looking for other things - since we cannot get Roth IRA's....

To give you a little background - our small business has made minimal money for perhaps 15 years. So, we were always struggling to meet payroll and other payments in the business, and never had ANY retirement plan. We changed a couple of aspects of our business in the past 4 years (approx.) and so have finally made some good money. So, I am finally looking into putting money into some retirement fund -- hopefully with some kind of tax write off.. and that is why we are finally (in our late 50's) looking into this.

As for the contractors working for us, we are very careful that they fit all the parameters for "contractors." That is one thing we are well aware of and keep an eye on.

Thanks you guys for the help and advice. And anyone else who wants to post. I greatly appreciate it!

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