Those small business owners that are interested in establishing retirement plans for their employees, the IRS is here to help. Recently the IRS setup a retirement plan website that can assist small business owners with setting up tax-favored retirement plans, maintaining the plan, and fixing any errors that may occur while administering the plan. Setting up a retirement plan has many benefits for both the small business and their employees. Small businesses can benefit from a retirement plan because their contributions being tax deductible, there is a potential for tax credits for setting up a plan, and the possibility of hiring and retaining better employees. Employees’ benefits can include deferred taxes on plan contributions, investment gains on plan assets are not taxed until distribution, and retirement plan assets can be transferred from one employer to the next. These are just a few of the benefits of setting up a retirement plan, be sure to stop by the IRS retirement plan website and see how setting up a plan can benefit your small business and your employees.
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