This page is for 401k plans for business owners.
With all of the things going on in the financial world, we all have to accept more responsibility for saving for retirement. As a business owner, planning for retirement can be concerning. Your employees are going to need to retire someday too. Offering to help can benefit both of you. Here are some reasons your business should consider offering a 401(k) plan.
- A 401(k) plan can help you, the business owner, support your own retirement. A lot of business owners focus on the day to day operations of their business and don’t think about their long term personal retirement.
- A 401(k) plan will help attract and keep good employees. Employers used to offer pension plans but those aren’t being offered as much as they used to be. Employees are starting to notice the benefits of joining a company with a 401(k) plan. Offering a 401(k) shows that you care about your employees. Retaining good employees means you’ll spend less money finding and training new ones.
- Your 401(k) plan can help save on your business’s taxes. Your business might be eligible for a $500 tax credit for the first three years of your 401(k) plan. You will also get tax deductions for the employer’s contributions to the employees’ accounts. You can also personally invest into the plan and defer some of your personal taxes as well.
- You can optimize the tax results and maximize contributions using all eligible rules.
- We have local TPA’s to make sure everything is in order.
Things you need to ask yourself if you already have a 401(k) plan in place.
Are you in compliance with the Pension Protection Act of 2006? Everybody has to have their plans restated between May 1st, 2014 and April 30th 2016.
Are you getting the most tax deferred money into the plan for yourself? The TPA can customize your plan to make sure you meet all requirements by law but also make sure you use all of the options available to benefit you, the employer, as well.
Finally, are you paying too much for your plan?
You can click here to get more information on 401k plans for small businesses from the United States Department of Labor.