This is Part 3 of our series on the best tax-advantaged retirement plans for small businesses.

Here are the titles and links to Parts 1 and 2:

The Best Small-Business Retirement Plans: Part 1

The Best Small-Business Retirement Plans: Part 2, the Simplified Employee Pension (SEP) Option

In this article, we cover the SIMPLE-IRA option, which is an easy-to-live-with type of defined contribution plan.

The best thing about a defined contribution plan is that your annual contribution is completely discretionary. So you can contribute little or nothing in years when cash is tight.

As you will see, the SIMPLE-IRA option is especially well suited to small businesses that produce modest amounts of income.

SIMPLE-IRA Basics

Self-employed individuals can set up SIMPLE-IRAs, as can one-employee corporations and other employers with up to 100 workers.1

If You Are Self-Employed

If you are self-employed as a sole proprietor, LLC member, or partner, you can make annual deductible contributions to your SIMPLE-IRA ... Log in to view full article.