Retirement saving options for your small business

Description

Abstract: Business owners who wish to set up a retirement plan for themselves and their employees may be worried about the financial commitment and administrative burdens involved. This article looks first at a “simplified employee pension” (SEP). Small business owners who establish and contribute to a SEP by the due date of their 2023 tax returns can still see tax savings for 2023. A sidebar describes a second retirement saving option, which is a “savings incentive match plan for employees” or SIMPLE.