As a small business owner, I read that I am able to start a self-employed 401k and contribute 19k plus 25% of last years income. Would I also be able to start an IRA and deduct contributions from a second account or am I limited to the self-employed 401k in terms of potential tax deductions from retirement accounts?
Small business owner. I would like to start a retirement account and deduct 25-30 k from this years income which is likely to be around 50k. I am also planning on buying a house so I want to make sure that income contributed to a retirement account will also count as income my potential lenders
in progress 1 Answer