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Retirement Plans - Retirement Plans Overview, #101 Summary of Tax Brief One of the biggest benefits any small business owner can offer their employees – and themselves – is a retirement plan. It provides an attractive way for employees to build up a nest egg that they can draw upon at retirement. And it also provides some important tax advantages to both employees and employers. …

Retirement Plans – Defined Benefit Plan, #102 Summary of Tax Brief With the advent of defined contributions retirement plans – and the popularity of such options as the 401(k) – the number of defined benefit plans found in this country has dropped dramatically. In fact most of the recent attention surrounding defined benefit plans has involved large companies looking to dump their defined benefit plans and the huge financial liability attached to these retirement options. …

Retirement Plans – SEP/SIMPLE, #103 Summary of Tax Brief Whether you own a small company, run a one-person shop or even manage an income producing sideline, a SEP or SIMPLE plan might be an ideal way to save for retirement and shelter your current income from taxes. SEP Plans The SEP (Simplified Employee Pension), which is funded solely by the employer, has been used by small businesses for years. SEPs are ideal for those who want a plan that’s simple…

Retirement Plans – Profit Sharing, #104 Summary of Tax Brief Profit sharing, 401(k), and money purchase plans all fall under the heading of defined contribution plans. The contribution is usually a percentage of salary and may be either flexible or fixed from year to year. 1. Profit Sharing A profit sharing plan is funded solely through discretionary employer contributions (in fact, contributions don’t have to bear any relationship to profits). Contribution limits are 25 percent of payroll, limited to no more…

Retirement Plans – 401(k), #105 Summary of Tax Brief As a defined contribution plan, a 401(k) can be a powerful tool for building up retirement savings. It allows participants to decide how much they want to contribute to an account on a before-tax basis and to receive contributions from their employer. Contributions and earnings generally are not taxed by the federal government until they are distributed. …

Retirement Plans – Distribution Rules, #106 A major incentive for retirement savings is that the contributions you make to your retirement account(s) have the opportunity to grow tax-deferred. When you retire, it’s expected that you’ll regularly withdraw — and, in most cases, pay taxes on — the money that you’ve accumulated. …

Retirement Plans – Individual Retirement Accounts, #107 One of the first items many small business owners consider once they are up and running is a retirement account. And the simplest type of account to establish and administer is an Individual Retirement Account, or IRA. There are a number of options to consider when it comes to choosing an IRA, but generally the account allows you to set aside up to $4,000 (beginning in 2005) a year for retirement.…