Each tax year, you may be required to fill out Form 5500, depending on the type of plan you choose. You may need the assistance of an accountant or tax advisor, incurring extra costs.Individual 401(k)s are good for self-employed people with no employees who want to make significant contributions. If you're self employed and run a small business, it's probably a good idea to use a SIMPLE IRA. An IRA is probably the easiest way for selfemployed people to start saving for retirement. There are no special filing requirements. Explore four retirement savings options for the self-employed and discover how to secure your financial future with these tailored plans and expert advice. IRA is for anyone who is selfemployed, has employees, or earns freelance income while holding a job. Learn how to set up your SEP-IRA today.