Welcome to this informative episode of Tax Blueprints, hosted by Daniel Rohr, a leading CPA and Personal Financial Specialist at Rohr & Associates. Today’s discussion is an essential guide for business owners looking to optimize their retirement planning. Whether you’re self-employed, running a small business, or at the helm of a larger enterprise, this episode is packed with valuable insights into the world of retirement contributions.
Key Points Covered:
SEP IRAs: Dive into the specifics of Simplified Employee Pension Individual Retirement Arrangements (SEP IRAs), ideal for self-employed individuals or small business owners. Understand the 2023 and 2024 contribution limits and the implications of employee contributions.
SIMPLE IRAs: Uncover the benefits of Savings Incentive Match Plan for Employees (SIMPLE IRAs) for businesses with fewer than 100 employees. Explore contribution limits, employer matching options, and non-elective contributions with practical examples.
Solo 401(k)s: Discover the advantages of Solo 401(k)s, specially designed for self-employed individuals with no employees other than a spouse. Learn about the significant contribution limits and how it can be used effectively in businesses like S-Corps.
401(k) Plans: Delve into the traditional 401(k) plans, including the Safe Harbor 401(k) and Traditional 401(k) with non-discrimination testing. Understand the employer matching options, vesting schedules, and the strategic importance of these contributions in employee retention and tax savings.
Choosing the Right Plan: Daniel Rohr provides expert advice on selecting the appropriate retirement plan for your business, considering factors like company size, employee makeup, and financial capacity.
Join Daniel Rohr as he simplifies complex retirement contribution strategies, providing you with the knowledge to make informed decisions for your business’s financial health. Perfect for entrepreneurs seeking to navigate the retirement planning landscape with confidence.
Disclaimer: The content provided in this episode of Tax Blueprints is intended for informational purposes only and does not constitute legal, tax, or financial advice. Before making any decisions regarding the topics discussed, you should consult with a qualified professional to ensure that individual circumstances and needs are taken into account.