Do you Qualify as a Business Owner?
Most people don’t see themselves as eligible for small business retirement plans, and they work independently in all types of different professions. For example, they may work part-time consulting or as a contractor. However, you are considered a “business owner” and qualify for these plans if you have earned income reported as Net Profit on your Schedule C and are subject to self-employment tax. For example, if you own a Corporation, your W-2 income is considered compensation to qualify for small business retirement plans.