My business partner and I are a multi-member LLC taxed as an S-CORP. We pay ourselves reasonable salaries on W-2. We have one part time employee who works about 5 hours/week. She has been employed since 2018.
For 2021, we are trying to figure out the best way to maximize tax advantaged retirement savings. One thought is to raise our salaries, and go with a SEP IRA to maximize contributions, understanding that we will likely also need to contribute to our employee as well (which makes sense anyway).
Other than a SEP IRA, is there another plan we should consider? Thank you!
