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.”
Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few strategies.
If you’re a small business owner or you’re involved in a start-up, you may want to set up a tax-favored retirement plan for yourself and any employees. Several types of plans are eligible for tax advantages.