With a small business retirement plan, you could save a significant amount of money each year for your retirement and offer a competitive benefit to attract and retain employees. To offset the cost of contributing to your employees’ retirement accounts, you receive a:
- Tax-deduction for plan contributions
- Tax credit for plan start-up costs or employee education
If you don’t have employees, you can save even more each year in your own account and can still deduct your plan contributions. You also have the freedom to choose whether to contribute each year your business is profitable.