Posts Tagged ‘retirementsavings’

4 Qualified Plan Tax Advantages for Employers

September 4th, 2020 by Jonathan Leidy

Headline Image - 4 Qualified Plan Tax Advantages for Employers

By choosing to offer your employees a 401(k) plan, you’re sending a powerful message — that you’re invested in their future and committed to helping them work towards financial security in their retirement.

As a business owner, you can also benefit from setting up a retirement savings plan. Not only does it provide you with the opportunity to save money for your own retirement, it also enables you to take advantage of tax savings thanks to special deductions and tax credits.

Here are four ways that a 401(k) can help you reduce taxes:

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Headline Image - Pros and Cons of Taking Coronavirus-related Distributions from Retirement Savings

The COVID-19 pandemic has undoubtedly shaken our economy to the core. Many businesses have struggled to keep their doors open which has caused unemployment claims to soar. Record unemployment, coupled with a populous that has an average household savings account of about $8,800[1], has many people looking to their retirement savings as a “piggy bank” for necessary funds to keep their heads above water.

Withdrawing retirement savings should be carefully considered, even in view of the loosening of restrictions around withdrawals as a result of the Coronavirus Aid, Relief, and Economic Security (CARES) Act because any withdrawal can have a multiplying impact on long-term retirement goals. Read the rest of this entry »