If you have procrastinated and not yet set up a tax-advantaged retirement plan for your business, you’re not alone.
Still, this is not a good situation.
You’re paying income taxes that could easily be avoided, and you’re not preparing for the future.
Don’t worry. You can set things right by establishing a retirement plan this year. But which type of plan is right for you?
Starting with this article (the first of a series), we will help you answer that question by explaining the best plans for single-owner and husband-wife businesses and how they work.
Retirement Plan Basics
Small-business retirement plans come in two basic varieties:
Defined contribution plans, which come in several different flavors
Defined benefit pension plans
Thus, the plan you choose defines either the contribution or the retirement benefit.
Defined Contribution Plan Basics
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