Are you thinking of implementing a retirement plan for your business?
Do you want to know more about the plan you already have in place?
One great source that I use often with clients is the Department of Labor publication - Choosing A Retirement Plan Solution for Your Small Business. Choose the printer friendly option to make it easier to read even if you do not print the document. In the DOL publication, each type of plan is discussed at length and simple explanations are given. If you are starting a plan now or already have a plan in place, the simple explanations will clear up much of the confusion.
You can also take a look at the IRS online publication entitled - Small Business Retirement Plan Resources. Each heading on the page is a detailed answer session for tough Business Retirement Plan questions.
I believe in going to the source for answers to my questions. Believe it or not, retirement plans are actually tax law. They are designed to defer tax liability and provide incentives for people to save for retirement. Notice the term - defer. You will not get out of paying taxes on your income. That is avoidance and unfortunately is illegal. But deferring your taxes is legal and a great way to save for retirement!
If you have already starting the process or are thinking about starting a retirement plan for your business it is very helpful to get a good grasp on why you are willing to start the plan. It will cost you money but it will also save you money. Are the up-front costs worth the trouble? Is a matching contribution plan really worth the business income it will take to keep it up and running?
To learn more about why you want to start a plan now read - Why You Should Implement A Retirement Plan For Your Business
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