Deadlines for Creating Retirement Plans in your Business
As a small or large business owner, you may be wondering if you can get a company-wide retirement plan together in time for this year or for next and what the deadline is. Here are some ideas on that from my favorite tax gal, Amanda Han. Thanks for stopping in and enjoy, Megan
Amanda Han’s Keystone Korner
Last week, we talked about the various types of retirement accounts as well as what to look at in deciding the best one for your business. This week, we will talk more specifically about plan set-ups as well as contribution deadlines to look out for.
After you determine the best plan for your business, you and your advisors need to determine what the deadline is for creating the plans. Some plans have to be set up by December 31st, so it is vitally important to incorporate this analysis in your year-end tax planning.
Next, take a look at when the contributions actually have to be made. On a handful of plans, the contributions may not have to be made until the following April 15th or possibly even later to still be a tax benefit for the current tax year. If you have not yet done so, we recommend you get in contact with your advisors immediately to ensure you don’t miss out on those opportunities. Join us next week as we talk about the various tax benefits of business retirement plans.
Written 2009 by Amanda Y. Han, CPA
KEYSTONE CPA, INC.
Maximizing Profits & Increasing Wealth
19. July 2010 at 4:44 am
financial is very important if you want to succed in business.’–