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May 20, 2019

Time for businesses to set up employee retirement plans?

By JOYCE M. ROSENBERG
AP Business Writer

NEW YORK — With 2019 more than one-third over, small business owners without employee retirement plans may want to consider starting one before more time passes.

Businesses get tax deductions for the contributions they make to employee plans, and contributions can be as high as $56,000 per employee for 2019. Plans vary in terms of their complexity and cost to set up. And the IRS offers flexibility for when contributions must be made — it's OK, for example, to make a contribution in 2019 for the 2018 tax year, up until the due date of the owner's tax return. That means owners who filed for extensions of this year's March or April filing deadlines still have time to make contributions and get a deduction for last year. And it's still possible to create one type of plan known as a SEP.


 
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