Are you a small business owner or self employed?
The IRS estimates there are more than 20 million sole proprietors in the United States, and some business owners may not be aware that they can realize immediate tax benefits by setting up an Individual 401(k) plan. As the year-end approaches, it can be an opportunity to save for your future and get a large tax benefit as well.
By funding an Individual 401(k) by the end of the year, clients can receive a tax deduction on the contributions they make to the plan. The maximum contribution limit is $51,000 for 2013 or $56,500 if he or she is age 50 or older. Contribution limits on other retirement savings options are lower.
See the attached brochure that compares different retirement plan account options. Retirement plans can be complicated but we work with our clients to make the process simple and to assist to maximize each individual’s situation.
Download the brochure – American Funds Retirement Plans Comparison Brochure