Employers often ask which plan is better. While there is no true right or wrong answer, one could make a strong case for a 401(k) plan. Most employers gravitate towards the SIMPLE IRA plan due to its simplicity with minimal administrative responsibilities and low expenses. However, if the employer is willing to make the extra effort and cover certain plan expenses, a 401(k) plan is the better solution for both the employer and employees. Contributions There is a significant difference in allowed
Up to $16,500 in Tax Credits for Small Business Retirement Plans Passed in 2020, SECURE Act has been one of the most comprehensive updates to retirement plans in more than a decade, and one of the major benefits is the Small Business Tax Credits component of the act. Companies with up to 100 employees can claim a tax credit to offset startup costs associated with establishing a new 401(k) plan. Companies can get a tax credit of up to $5,000 per year
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