In the solo 401(k) article, we asked you this question: Have you procrastinated about setting up a tax-advantaged retirement plan for your small business?
If the answer is yes, you are not alone. Still, this is not a good situation. You are paying income taxes that could easily be avoided.
So, consider setting up a plan to position yourself for future tax savings.
This article explains why a SIMPLE-IRA could be your best retirement plan option if your business generates only a modest amount of annual income.
You must have your SIMPLE-IRA set up by October 1, 2020, to permit a deductible contribution for your 2020 tax year. If you are going to establish a SIMPLE-IRA this year, do it now. October 1 will be here before you know ... Log in to view full article.