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Retirement tax questions
No, you cannot have a separate retirement plan for each business. Since you are 100% owner of each business, your two businesses are considered to be a controlled group which must be treated as a single employer for the purpose of a retirement plan. See the following IRS description of controlled and affiliated service groups: https://www.irs.gov/pub/irs-tege/epchd704.pdf
March 17, 2020
1:00 PM