babentiti
New Member

Do I need two different individual 401(k) or SEP IRAs for my two different 1099s?

I have two different home businesses in completely different types of work.  I want to avoid paying as much tax as possible so I am interested in opening either an individual 401(k) account or an SEP IRA to reduce my taxable income.  Do I need one retirement account for each of the lines of business?  Or can I just open one account and still apply the contributions to reduce both of the two types of business income?