Contributions to a retirement plan can only be made from compensation, which, in the case of a selfemployed individual, is earned income. All forms are fillable and ready for download and printing.Unfortunately for S-Corp owners, only W2 income can be recognized for qualified retirement plan purposes (not the pass-through income). Retirement plans for S Corp owners, like SEP IRAs and Solo 401(k)s, help maximize savings. Learn how self-employed professionals can plan ahead. To make an Estimated Tax Payment, a Filing Extension Payment, a Return Payment or pay a Tax. Virginia offers qualifying individuals ages 65 and older a subtraction that reduces the amount of their income subject to Virginia income tax. An Individual Retirement Account, or IRA, often represents a really good option for an S corporation owner. Set up the SEP plan for a year as late as the due date (including extensions) of your income tax return for that year. Limited liability protection.