Yes, you can! You can set up a Simplified Employee Pension (SEP) up until the due date of your tax return, including extensions! You must contribute for each eligible employee. You can set up a SEP using IRS Form 5305-SEP. Your contributions are tax deductible, and you are saving for retirement.
A SEP or SIMPLE IRA is a great starter plan. A SIMPLE IRA cannot be set up retroactively for 2018 but now is a great time to get started for 2019.
If your business has outgrown is SIMPLE IRA, it’s time for a 401(k) Plan. Call me today and let’s get started!