Small Business owners are busy… very busy… So busy that they sometimes forget about themselves. As a business owner, you are able to save for retirement by way of a 401K or a SEP 401K. And wouldn’t it be great to offer your employees this benefit?
Not all plans charge for a 401K plan, if you’re willing to do some of the work yourself. A Bookkeeper can help you keep track of your deductions and remind you when to send the monies.
Consult your CPA to see if this is an option.
|Defined Contribution Plan Limits||2018||2017|
|Maximum employee elective deferral||$18,500||$18,000|
|Employee catch-up contribution (if age 50 or older by year-end)||$6,000||$6,000|
|Defined contribution maximum limit, all sources||$55,000||$54,000|