If you are a small employer who recently established a retirement plan for your employees (or are thinking of setting one up), you may be eligible for a tax credit related to your implementation costs.
The tax credit is available to employers who:
The amount of the credit is 50% of your ordinary and necessary costs to set up and administer the plan (up to a maximum credit of $500 per year), and can be claimed for the first three years of the plan. Costs incurred to educate your employees about the plan also qualify for the credit.
Eligible retirement plans include SEP IRAs, SIMPLE IRAs and qualified plans (such as 401(k), profit sharing, and defined-benefit plans).
If you are considering establishing a retirement plan for your employees, please contact your SVA advisor to learn more about this tax credit.
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