You DO
need a plan for each business, choose to set up one or multiple plans for each of your trades.
If a taxpayer
has more than one business, but only one has a retirement plan, only the earned
income from that business would be considered for that plan.
Keep in
mind, though– while you may have more than one qualified plan, the
contributions to all the plans must not total more than the overall limits; and
the deduction limit depends on the type of plan being funded.
See the
link below for Small Business Retirement Plan Resources:
https://www.irs.gov/Retirement-Plans/Plan-Sponsor/Small-Business-Retirement-Plan-Resources
