Tax Credits That Double as Profit Retention Tools, with Bill Black

March 27, 2024

Episode 65:

Bill Black has been in the pension administration business for over 40 years and helps clients work toward their retirement objectives. He works with both individual and small business owners in the areas of benefits, retirement planning, and business planning. Bill and his team have the ability to offer a wide range of financial products (tax-sheltered plans, mutual funds) to help his clients meet their retirement needs.

Helping employees save for retirement is getting a little easier this year. In this episode, Bill shares some updates to tax codes that give business owners more tax credits for employee savings plans. With these updates, business owners will either create qualified plans of their own or participate in a state-sponsored plan.

But it’s important to note that state plans come with some baggage that might be burdensome for employers who don’t already have their employees enrolled in a plan. We’ll go over what the new tax credits are, the difference between state plans and employer plans, and the rules and penalties associated with them.

Bill later explains the differences between SIMPLE plans and 401k plans and the benefits of enrolling in these types of savings plans for both employees and employers. Join us to get up to date on these new tax credits so your business can unlock new tax savings this year.

What you will learn in this episode:

  • The new credits available to business owners in 2024
  • Taking advantage of the retroactive rule for plans started in 2024
  • States that already have qualified plans and the rules around them
  • Penalties associated with not participating in, or creating your own savings plans for employees
  • Converting to a different plan if you already have one
  • Deductions with SIMPLE plans vs. 401(k) plans
  • Is automatic enrollment actually automatic?
  • How to create your own plan and grandfather in current employees
  • Who these plans work best for

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