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For your business, I would suggest a SEP IRA, which allows you to squirrel away up to 25% of your earnings from self employment, up to $51,000 per year
Your partner, even though he has a 401(k) for another business can still contribute the maximum to the SEP IRA
any other suggestions or that's pretty much it?
Out of all the retirement plans out there, that is the most robust in my opinion
The 401(k) only allows you to put back 17,500
excellent! thank you Megan!
Is there anything else that I can assist you with today?
well..one more thing - if i take out my part as self-employed income and not w2, can i set aside 25% from the whole amount?
Yes, 25% of your earnings. If you're W-2 then you can only take 25% of that amount, whereas if you are not W-2 you can take 25% of the total.
thank you again