By Howard Scott. As owner of your own business, if you don't plan for your retirement, no one else will. Get started with a tax-deductible savings plan right away. If you already have one, be sure to contribute the maximum every year.

There are many versions. A Keogh will do nicely if you're incorporated, but sole proprietors and partnerships need to look into traditional or Roth IRAs. There's also the SEP IRA, which permits a contribution of up to 15% of income annually, or a Simple IRA, which allows you to contribute up to $6,000 a year.

But the specific plan is not as important as following through. In most cases, these retirement accounts are not taxed until you withdraw the money. Between the action of compound interest over time and tax deferral, they will create a nice nest egg for retirement. The IRAs also reduce income, resulting in a lower tax liability. --Howard Scott is a business writer and small business tax preparer in Pembroke, Mass.