If you answered yes to any of these questions, you should contact us to learn about our 401(k) Solutions for Business Owners.
Paying too much in taxes?
401(k)s are designed with some great tax advantages that can benefit you this year and well into the future. In fact, it may even cost your business less than not having one at all. Any company costs associated with operating a 401(k) plan can be deducted at tax time – including any contributions your company makes to the plan.
Plus, if you have at least one employee, and this is your company’s first 401(k) plan, your business is eligible for an annual federal tax credit of $500 for each of the first three years. That’s a $1,500 extra tax break!
Concerned about Retirement?
Many financial experts agree that 401(k)s are the preferred way to help build wealth for retirement. 401(k) plans were created with unique advantages that can make a real difference in your savings.
Experts estimate that you’ll need between 60 and 80 percent of your pre-retirement income to live comfortably after you leave the work world behind. Sure, you could open an IRA. But you’ll be able to contribute far more – over three times as much – to your nest egg with a 401(k).