Hi all, I run a HK-based LLC sole proprietorship, and have China-based tax residence. I will have between 1-2 million in earned income in '21, use foreign tax credit reporting, and therefore have no ability to do ROTH or standard IRA. I want to setup a Simplified Employee Pension plan for the company and deduct pre-tax dollars.
Three questions:
1. Can I setup a SEP under the conditions above?
2. What is the maximum amount I can contribute in '21
3. If cannot do SEP, are there other alternatives to reach the same goal?
Thanks!
