An IRA or SEP aren’t the only options for small business owners, the 401(k) is another tax deferred option that business owners can take advantage of.
Key Takeaways:
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A solo 401(k) is available to the business owner and his/her spouse. It’s self-directed like the SEP IRA but instead of just being able to contribute 25% of your salary, you can contribute $18,000 per year + 25% of your salary.
$5,000 >> IRA
$10,000 - $15,000 >> SEP IRA
$20,000 or more >> Solo 401(k)
Read more here: https://www.entrepreneur.com/article/283030
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