I own a small business with 5 employees. We’ve recently gotten pretty successful and we’re trying to figure out how to have a little diversity in our investing because right now the extent of our investing, aside from investing in the business, is a growing amount of cash in our business checking account.
We may want to put away something in the range of $30-$50k this year and more next year into a retirement-minded investment account.
At this point, I figure step one is to at least get an IRA. It isn’t much as far as our goal of annual retirement savings, but it’s something. From there, I’m unsure. I’d like to do a SEP IRA but we aren’t ready to offer that benefit just yet to our employees. Maybe next year, honestly, but maybe not.
All I can seem to think is that a regular brokerage account is the way to go on anything beyond the IRA contribution limits because it’s really the only path available. I’ve never had one before, so are there any things to know from a tax perspective?