The clock is ticking. Business owners who wish to implement a qualified retirement plan for 2010 in order to take a corporate deduction and pay less taxes, must sign a plan document by December 31, 2010. Money does not need to be contributed by December 31st but a document must be signed.
Regardless of how old you are, or how many employees you have, we will work with you and your CPA to meet your needs.
One beautiful scenario is to implement a profit sharing plan for 2010, and activate 401(k) provisions effective 1/1/11. This will allow you to make a profit sharing contribution and take a tax deduction for 2010, and allow you and your employees to personally begin to participate preparing for your retirement in 2011. This will also give your financial advisor time to determine the appropriate recordkeeper for you, complete the contracts and enroll your employees before the first 401(k) deferral (generally the first payroll in January).
You have until September 15, 2011 to contribute the profit sharing contribution that you deduct for 2010.
It's a win win WIN but time is running out. Contact us right away to design the best plan for you.
Regardless of how old you are, or how many employees you have, we will work with you and your CPA to meet your needs.
One beautiful scenario is to implement a profit sharing plan for 2010, and activate 401(k) provisions effective 1/1/11. This will allow you to make a profit sharing contribution and take a tax deduction for 2010, and allow you and your employees to personally begin to participate preparing for your retirement in 2011. This will also give your financial advisor time to determine the appropriate recordkeeper for you, complete the contracts and enroll your employees before the first 401(k) deferral (generally the first payroll in January).
You have until September 15, 2011 to contribute the profit sharing contribution that you deduct for 2010.
It's a win win WIN but time is running out. Contact us right away to design the best plan for you.
Cortney White Tobi Cogswell Jeff Esmond (Hawaii Office)
(310) 212-2607 (310) 212-2623 (808) 389-5979
(310) 212-2607 (310) 212-2623 (808) 389-5979
Retirement plan consultants will help you during financial retirement planning and also suggest how to invest your income? This is the best method to invest and protect your retirement income.
ReplyDeleteretirement plan consultants