Savings Incentives Match Plans for Employees (SIMPLEs)

Explore SEP and SIMPLE retirement plans for your small business

Employees, Savings Incentives Match Plans for Employees (SIMPLEs), Simples, Simplified Employee Pension (SEP), Small Business, Small Business Owners, Small Business Tips / Douglas Freeman

Suppose you’re thinking about setting up a retirement plan for yourself and your employees. However, you’re concerned about the financial commitment and administrative burdens involved. There are a couple of options to consider. Let’s take a look at a Simplified Employee Pension (SEP) and a Savings Incentive Match Plan for Employees (SIMPLE). SEPs offer easy […]

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Many business tax limits have increased in 2025

2025 Mileage Deduction, Business Mileage, Federal Tax Deductions, Flexable Spending Accounts, Fringe Benefits For Employees, Health Savings Account, Savings Incentives Match Plans for Employees (SIMPLEs), Small Business Tax Tips, Social Security Tax, Tax Deduction, Tax Planning, Taxes 2025 / Douglas Freeman

A variety of tax-related limits that affect businesses are indexed annually based on inflation. Many have increased for 2025, but with inflation cooling, the increases aren’t as great as they have been in the last few years. Here are some amounts that may affect you and your business. 2025 deductions as compared with 2024 Retirement

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3 types of retirement plans for growing businesses

401K, Fringe Benefits For Employees, IRA, Retirement, Savings Incentives Match Plans for Employees (SIMPLEs), Simplified Employee Pension (SEP), Small Business, Small Business Owners / Douglas Freeman

When start-ups launch, their focus is often on tightly controlling expenses. Most need to establish a brand and some semblance of stability before funding anything other than essential operating activities. For companies that make it past that tenuous initial stage, there comes a time when they must loosen up the purse strings and start investing

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The amount you and your employees can save for retirement is going up slightly in 2025

401K, Contributions, Employees, Internal Revenue Service (IRS), Retirement, Savings Incentives Match Plans for Employees (SIMPLEs), Simplified Employee Pension (SEP) / Douglas Freeman

How much can you and your employees contribute to your 401(k)s or other retirement plans next year? In Notice 2024-80, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for retirement plans, as well as other qualified plans, for 2025. With inflation easing, the amounts aren’t increasing as much as in recent

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2024 Q4 tax calendar: Key deadlines for businesses and other employers

2024 Income Tax Return Filing Season, 2024 Tax Calendar, C Corporation, Federal Income Tax Filing, FICA, IRA, Savings Incentives Match Plans for Employees (SIMPLEs), Simples, Social Security & Medicare (FICA) taxes / Douglas Freeman

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Note:

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11 Exceptions to the 10% penalty tax on early IRA withdrawals

IRA, IRA Early Withdrawal, Savings Incentives Match Plans for Employees (SIMPLEs), Simplified Employee Pension (SEP), Traditional IRA / Douglas Freeman

If you’re facing a serious cash shortfall, one possible solution is to take an early withdrawal from your traditional IRA. That means one before you’ve reached age 59½. For this purpose, traditional IRAs include simplified employee pension (SEP-IRA) and SIMPLE-IRA accounts. Here’s what you need to know about the tax implications, including when the 10%

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Retirement saving options for your small business: Keep it simple

Employee Benefits, Employees, IRA, Retirement, Savings Incentives Match Plans for Employees (SIMPLEs), Simplified Employee Pension (SEP), Small Business, Small Business Tax Tips / Douglas Freeman

If you’re thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved, there are a couple of options to consider. Let’s take a look at a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE). SEPs are intended

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Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty

401K, IRA, Retirement, Savings Incentives Match Plans for Employees (SIMPLEs), Simplified Employee Pension (SEP), Traditional IRA / Douglas Freeman

Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s considered early? In general, it’s when participants take money out of a traditional IRA or other qualified retirement plan before age 59½. Such distributions are generally taxable and may be subject

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Many tax limits affecting businesses have increased for 2023

HSA, Retirement, Savings Incentives Match Plans for Employees (SIMPLEs), Small Business, Small Business Tax Tips, Social Security, Taxes 2023 / Douglas Freeman

An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be important to you and your business. These are only some of the tax limits and deductions that may affect your business and additional rules may

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Answers to your questions about taking withdrawals from IRAs

Required Minimum Distributions (RMDs), Retirement, Savings Incentives Match Plans for Employees (SIMPLEs), Simplified Employee Pension (SEP), Traditional IRA / Douglas Freeman

As you may know, you can’t keep funds in your traditional IRA indefinitely. You have to start taking withdrawals from a traditional IRA (including a SIMPLE IRA or SEP IRA) when you reach age 72. The rules for taking required minimum distributions (RMDs) are complicated, so here are some answers to frequently asked questions. What

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