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Article Date:
May 2011


Word Count:
1526

 

 

Best Small-Business Retirement Plans: Part 3, the SIMPLE-IRA Option


This is Part 3 of our series on the best tax-advantaged retirement plans for small businesses.

 

Here are the titles and links to Parts 1 and 2:

 

·

The Best Small-Business Retirement Plans: Part 1

·

The Best Small-Business Retirement Plans: Part 2, the Simplified Employee Pension (SEP) Option

 

In this article, we cover the SIMPLE-IRA option, which is an easy-to-live-with type of defined contribution plan.

 

The best thing about a defined contribution plan is that your annual contribution is completely discretionary. So you can contribute little or nothing in years when cash is tight.

 

As you will see, the SIMPLE-IRA option is especially well suited to small businesses that produce modest amounts of income.

SIMPLE-IRA Basics

 

Self-employed individuals can set up SIMPLE-IRAs, as can one-employee corporations and other employers with up to 100 workers.1

 

If You Are Self-Employed

 

If you are self-employed as a sole proprietor, LLC member, or partner, you can make annual deductible contributions to your SIMPLE-IRA ... Log in to view full article.

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