Two retirement plan options to consider are to set up a SEP, a “simplified employee pension,” or a SIMPLE, “savings incentive match plan for employees.”
2 Retirement Plan Options for Your Small Business: Set up a SEP or go SIMPLE

Two retirement plan options to consider are to set up a SEP, a “simplified employee pension,” or a SIMPLE, “savings incentive match plan for employees.”
If you recently launched a business, you may want to set up a tax-favored retirement plan for yourself and your employees.
A Simplified Employee Pension (SEP) can still be set up for 2019, and you can make contributions to it that you can deduct on your 2019 income tax return.
If you own a business and don’t have a tax-advantaged retirement plan, it’s not too late to establish a Simplified Employee Pension and reduce your 2018 tax bill.