Traditional IRA vs Simple IRA

[zeros]

What is the difference between these two?

[New York Enrolled Agent]

What is the difference between these two?

I suggest you read IRS Pubs 560 and 590-A. In lieu of formal CE, they are a good start to educate yourself.

[kathyc2]

The chart in TTB is a good starting point. Something important to remember is if the company has qualifying employees a SIMPLE needs to be made available to them rather than solely benefitting the owner.