Small business owners usually have a long list of items on their to-do lists. If contributing to your retirement plan was on your agenda last year, there may still be time to add more to your nest egg and reap the rewards on your 2014 return. If you are self-employed, for example, you may qualify for retirement plan options that include the SEP (Self-Employed Pension Plan) IRA or the individual 401(k). In both cases, you’re allowed to make contributions to an established plan up until your tax filing deadline, or potentially as late as April 15 of this year (or later if you get an extension). You get two benefits: More money in the bank waiting for you when you retire and a tax deduction for 2014.
There are a number of tax-advantaged retirement plan options open to those who run their own shops, with different choices for those who have employees and those who don’t. If you’d like to learn more about them, or if you have any questions about your business, please contact our office. We can help you set up a plan that’s customized to your needs.