Need to save taxes for 2020, it's not too late!

Need to save taxes for 2020, it's not too late!

Jason Lane, AIF Jason Lane, AIF

Jason Lane, AIF

Wealth Advisor at Vance Wealth

发布日期: 2021年2月17日
+ 关注

The SECURE ACT legislation from 2019 still makes it possible for a business to adopt a Profit Sharing or Cash Balance plan for 2020 up until your tax deadline or extension.

Employers can adopt a new qualified retirement plan after the close of the 2020 taxable plan year and still claim a deduction. A Profit Sharing Plan or Cash Balance, which can potentially generate a larger deduction, are options. Unfortunately, 401k elective deferrals contributions can only be made after the plan is actually adopted and wouldn't qualify.

Consult with your tax professional and then work with a retirement plan specialist to make sure you set up the plan up based on your specific needs and goals.


要查看或添加评论，请登录

Jason Lane, AIF的更多文章

  • Managing Your Cyber Security Risk
    2015年8月31日

    Managing Your Cyber Security Risk

    With the unpredictable nature of both the operations and technology requirements in the financial markets and the ever…

社区洞察

其他会员也浏览了