The Time Is Now!
Remind Your Clients To Defer The Maximum To Their 401(k) Plans
To help your clients realize their biggest possible tax savings (as well as to increase their retirement savings), there is no better time than the present to remind them that they should maximize their deferrals to their 401(k) plans. December 31, 2022 is the last day to do so for 2022, so there’s no time to delay! Deferral limits for 2022 are $20,500 with an additional $6,500 for those aged 50 or older.
Score A Big Tax Break for 2021!
Have You Discussed The Benefits of a Cash Balance Plan with Your Clients?
A qualified retirement plan remains one of the best tax advantaged savings opportunities available to small business owners and their employees. Read More »
Setting Up A Solo 401(k)?
There Are REAL Benefits To Establishing It Before 12/31/21!
The Setting Every Community Up for Retirement Enhancement (SECURE) Act delayed the deadline for establishing a qualified retirement plan for a particular tax year. Businesses now have until their tax return due date, plus extensions, to adopt a plan. Nonetheless, generally speaking, the delay only applies to the ability to make employer contributions (e.g., a profit-sharing contribution) for the prior year – NOT employee salary deferrals – thereby limiting its benefit to the business owner. Read More »
No Time Like The Present!
Remind Your Clients To Defer The Maximum To Their 401(k) Plans
To help your clients realize their biggest possible tax savings (as well as to increase their retirement savings), now is a great time to remind them that they should maximize their deferrals to their 401(k) plans. December 31, 2021 is the last day to do so for 2021, so there’s no time to delay! Deferral limits for 2021 are $19,500 with an additional $6,500 for those aged 50 or older.
October 1st Tax Savings Deadline!
Don’t Let Your Clients Miss the 2021 401(k) Safe Harbor Plan Deadline
The 401(k) Safe Harbor Plan allows your clients who have one or more employees to:
Defer taxes on up to $19,500 of their income, or up to $26,000 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
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 us now to learn how we can help maximize your clients’ tax savings before the October 1st deadline.
Help Supercharge Your Clients’ Tax Savings For 2020!
And Help Them Maximize Their Retirement Savings, Too!
Make Sure Your Clients Have Maximized their 401(k) Deferrals for 2020
As the year draws to a close, it is a great time to remind your clients to maximize their 401(k) deferrals. For this year, plan participants can contribute up to $19,500; if 50 or over they can contribute an additional $6,500.
Let us help your client establish a tax-deductible qualified retirement plan.
At Frye Retirement Planning, we use state-of-the-art design techniques to maximize owner/key employee benefits and lower overall plan costs.
$57,000 allocation for each owner in 401(k)/profit sharing plans. If 50 or older, up to $63,500 can be funded into 401(k).
Potentially up to $300,000 max contributions for small business owners in Cash Balance/Defined Benefit plans (depends on age and service).
Uni-K plan to maximize deductions for self-employed, owner-only, partners or owner-spouse business owners with low W-2 wages (i.e. deduct $29,500 with only $40,000 in wages; if 50 or older, deduction increases to $36,000).
Don’t delay – contact our office now to learn how we can help maximize your clients’ tax savings.
