Retirement Scheme for Tax Break


If you are a small business owner, you should take advantage of the tax law that allows you to draw up a retirement benefit scheme for your employees. This is because you can claim tax deductions from it if you have such a scheme.

The most commonly known retirement scheme is the 401(k) retirement scheme. But the cost of setting up and maintaining a 401(k) can be a deterrent to some small business owners. Here’s where the tax code comes in. Certain provisions of the tax code allows you as a small business owner to establish a retirement scheme other than a 401(k), called a Simplified Employee Pension or SEP. Although the SEP is not maintenance free, it is a viable option to the 401(k).

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Darrin Mish, Tampa Tax Attorney, The Law Offices of Darrin Mish, P.A. | Attorney Advertising

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