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3 IRA Options for Your Business: Which One Is Best?

ARTICLE | December 19, 2024

Authored by Vasquez + Company


Choosing the right retirement plan for your business can be complex, especially when considering the different types of Individual Retirement Accounts (IRAs) available. This article "Weigh Three IRA Options" explores the major variations: SIMPLE-IRA, SEP plan, and Payroll Deduction IRA. It covers the key features, tax implications, and benefits of each, helping you determine which IRA best fits your business needs. Whether you're self-employed or have employees, understanding these options is crucial for effective retirement planning.

Key Points:

  • SIMPLE-IRA: Suitable for businesses with up to 100 employees. Offers high contribution limits with matching contributions required if employees are involved.
  • SEP Plan: Ideal for self-employed individuals or small businesses. Allows higher contribution limits and requires minimal administration.
  • Payroll Deduction IRA: A cost-effective way for businesses to offer retirement savings options with no contribution or filing requirements.

For more information, read the full article here.

 

Our firm provides the information for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. This article is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

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