The Pension Protection Act of 2006 created a hybrid retirement plan called the Defined Benefit 401(k), which combines a defined benefit plan, based on final average pay with a safe-harbor 401(k). This plan becomes available January 1, 2010. For more information on the specifics of this plan, read this C.P.A. Insight
Companies can choose from several different types of retirement plans, each with a varying levels of complexity and involvement in the way of employer contributions. For more information on the contribution limits and requirements for several common plans, read this C.P.A. Insight.
SIMPLE plans have eligibility and contribution requirements like most other employer-sponsored retirement plans, however, they allow employees to save a generous amount for retirement. For details on the types of SIMPLE plans and some of the rules that govern them, read this C.P.A. Insight.
The following is a compilation of a number of tax breaks available to self-employed individuals and/or small business owners. Some can be implemented before year’s end, providing benefits for your 2011 return, while others will provide planning opportunities for 2012.
There are an abundant number of provisions that provide tax relief to small businesses this year. Just so you don’t overlook any of these benefits, or in case your business would like to position itself to take advantage of some before the close of the year, here is a brief rundown on many of the business benefits that are available for 2011.
Small-business owners have excellent opportunities to save for retirement, often with tax benefits for the business. Read more in this week’s Tax Tip.
Businesses with qualified production activities can take advantage of the Domestic Production Deduction on their taxes. Read this Tax Tip for more.
You sold your tomatoes at the farmer’s market, but is your garden considered a business or a hobby? It’s complicated. Read this week’s Tax Tip for more.
If you are an eligible small employer or a tax-exempt eligible small employer, you may qualify for the small employer health insurance premium credit.
Small-business owners: Your accounting method affects your ability to write off receivables that cannot be collected. Read this Tax Tip to find out how.
