Have Clients In Need Of A 2022 Tax Deduction?
July 6, 2022 | posted in: Accountants | by Frye Retirement
A 401k/Safe Harbor Plan Can Help Provide Significant Savings!
Act now to establish the plan by the October 1st deadline!
The Safe Harbor plan allows your clients who have one or more employees to:
- Defer taxes on up to $20,500 of their income, or up to $27,000 if age 50 or older, regardless of employee participation
- Receive a safe harbor match/non-elective contribution and also get a tax deduction
- Take advantage of SECURE Act Tax Credits – up to $5,500 per year for putting this benefit in place (see the “Tax Credits For Your Clients” article in the January 2022 issue)
- Avoid the hassle of IRS non-discrimination testing
Other advantages include:
- Cost-effective benefit for employees to save for their retirement
- Can allow additional tax deductible discretionary profit sharing contribution
- Roth investing option for tax-free growth, which is not subject to income limits like other plans
Don’t delay! Contact Frye Retirement Planning now to learn how we can help maximize your clients’ tax savings before the October 1st deadline.
