Many growing businesses and other types of employers want to offer a 401(k) plan but don’t want to deal with the stress and administrative challenges of following the IRS’s nondiscrimination testing rules for elective deferrals and matching contributions. One...
Nonqualified deferred compensation (NQDC) plans pay executives or other key employees at some time in the future for services to be currently performed. If your organization offers one or is considering offering one, it’s critical to be aware of the applicable tax...
If you own a business and don’t have a tax-advantaged retirement plan, it’s not too late to establish one and reduce your 2018 tax bill. A Simplified Employee Pension (SEP) can still be set up for 2018, and you can make contributions to it that you can deduct on your...
Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax planning ideas small business owners should consider. Postpone invoices. If your business uses the cash method of...
Are you a high-income small-business owner who doesn’t currently have a tax-advantaged retirement plan set up for yourself? A Simplified Employee Pension (SEP) may be just what you need, and now may be a great time to establish one. A SEP has high contribution limits...
Business owners may not be able to set aside as much as they’d like in tax-advantaged retirement plans. Typically, they’re older and more highly compensated than their employees, but restrictions on contributions to 401(k) and profit-sharing plans can hamper...
If your small business does not have a retirement plan, or if you are not pleased with the one you currently have, this summary can help you see how your retirement plan choices stack up. Safe harbor 401(k)s As 401(k) plans have gained popularity, many employees or...
With an employee stock ownership plan (ESOP), employee participants take part ownership of the business through a retirement savings arrangement. Meanwhile, the business and its existing owners can benefit from some potential tax breaks, an extra-motivated workforce...
Among major corporations, 401(k) plans have become common. But even the smallest of businesses can have a 401(k) plan for retirement. One-participant 401(k) plans, known by names such as Solo 401(k) and Uni-k, are available. For some small business owners and...
Among the retirement plans that small businesses can offer to their workers are Employee Stock Ownership Plans (ESOPs). As the title indicates, an ESOP is a process for transferring ownership of the company to employees. How does that work as a retirement plan? In...
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