Once your business is going, the next step is to build a retirement plan. Retirement plans can provide many benefits to your business for you and your employees. Setting one up doesn't have to be difficult.
Depending on the business retirement plan selected, contributions for you and your employees can be made by just the owner, just the employees, or by both. This gives both you and your employees an opportunity to accumulate the monies needed to fund the retirement years. LPL Financial offers the financial guidance in many different plans including:
Remember contributions made to a plan, as well as some of the expenses associated with the plan, are tax-deductible expenses for your business and may not be subject to FICA taxes. This potential reduction in tax liability can be sizable. Also, contributions to business retirement plans enjoy tax-deferred growth.
A good retirement plan will help you attract and maintain a stable work force which can be a big challenge to most businesses. Employees typically consider a retirement plan at work a key benefit, and this can be a major factor when they are considering employment offers.
These are just some of the benefits you may realize when you set up a retirement plan for your business. LPL Financial has the tools and resources to help your business benefit from a business retirement plan.
Please consult a tax advisor to discuss your specific tax issues.
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