Self-employed 401K

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

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    Traditional or Roth IRA for small business owners has a contribution limit of up to $6,000 with an additional $1,000 for contributors who are 50 or older (catch-up). Solo 401(k) is for a business owner or self-employed individual with no employees (spouses may be applicable) that allows up to $57,000 or 100% of earned income, whichever is less, as the contribution limit. Owners 50+ years of age can catch up by contributing an additional $6,000 annually. NOTE: Sole proprietors and single-member LLC can contribute 25% of net self-employment income.

    Suggestion: 1) As the employer contribute as much to the maximum allowable contribution. 2) As the employee, contribute within salary deferrals up to 100% of $19,500 (whichever is less) allowable contribution for employees. Also as an employee, invite your spouse to contribute to the plan up to the standard $19,500.

    Mortgage lenders will take all income (passive and active) into account when considering an application approval.

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