Hello wise people of the forum,
I've done as much research as I can on retirement accounts for business, and I need your help.
My mom owned the family business until June, where I worked for her as a contractor. I made around $22,000 during that period.
Then, in June, I took over the business and opened an LLC under my name, as a sole proprietor. I'm still working out payroll, and most of my employees (just 3) work a little over part time. 25 or so hours/week. Since it's a brand new business, I don't really have a lot of funding to contribute to retirement plans for employees. Given that the SEP IRA rules say that employees have to have worked 3 of the last 5 years to be eligible and none of mine have, can I open a SEP IRA for the business, and contribute just to my own plan and fund a solo 401k for my work that I did as 1099?
I definitely want to eventually be able to offer employees a retirement package; it's just hard to budget that now as I'm just starting.
I already max out a trad IRA/roth IRA.
Am I missing anything?