Solo 401(k)s and SEP IRAs are both tax-deferred retirement savings accounts for small business owners. (Photo: Getty)
As an owner of a small business, you have multiple roles to play, and saving for retirement is probably the last thing on your mind. However, with proper planning, it can minimize taxes and help make your business profitable.
Solo 401(k)s and SEP IRAs are both tax-deferred retirement savings accounts for small business owners. The SEP IRA has long been a popular choice for self-employed individuals to reduce their tax bills and save for retirement. However today, solo 401(k) plans are fast gaining popularity.
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