As a small business owner, you are the only person who is going to make sure that you are prepared for your retirement. If you want to retire eventually, you need to start planning today. In fact, the sooner that you start, the better off you will be when you decide to sell your business or close the doors.
If you have employees, you are also in charge of their futures. If you want to go above and beyond to make sure that your employees will be well taken care of in the future, you should look into retirement plans for your business.
Here are some ways to start saving money for your retirement (and your employees).
A simple IRA, also known as a savings incentive match plan for employees, is available for most business owners and their employees. It allows you and your employees to put money aside for retirement. You can also match their compensation, which is tax deductible.
Simplified Employee Pension
A simplified employee pension (SEP) is a popular individual retirement account (IRA) that allows business owners and their employees to make contributions. Even if you don’t have any employees, you can contribute to your own retirement fund using a SEP.
Even better, you get to choose how much money you put into everyone account every year. You aren’t stuck paying too much if your business is having a tough year.
Self-Employed 401 (K)
Self-employed 401 (k) is specifically made for self-employed business owners and allows you to invest the most money into your retirement plan.
Learn More About Planning For Your Retirement
Because there are so many choices when it comes to choosing the right retirement plans for you and your employees, your best bet is to talk to someone who can help you make the right choice for you and your employees.
Contact us to make sure that you are ready for your retirement.
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Everything You Need To Know About Form 1099-NEC
An Overview of the Net Operating Loss Tax Provisions in the CARES Act
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Why Every Small Business Needs a Bookkeeper?
Tax Credits That Could Benefit Small Businesses