Retirement Plan for single member LLC
Hi - I recently started a business set up as an LLC, I am the sole employee and therefore will be filing taxes as a sole proprietor. In addition to this business, I am also the employee of a health care clinic through which I have a SIMPLE IRA. I currently only contribute 50% of the the yearly IRS retirement contribution cap to this IRA. I am wondering if I should increase my deductions through the SIMPLE IRA to contribute the maximum allowable ( I also receive an employer match through this Plan)or if it would be tax advantageous to make contributions through my LLC. If I were to make contributions through my LLC what type of Plan is available to a single member LLC and do different limits apply?
THANKS!
Lisa
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