{"id":6089,"date":"2024-04-24T13:28:19","date_gmt":"2024-04-24T18:28:19","guid":{"rendered":"https:\/\/www.incsight.net\/?p=6089"},"modified":"2025-11-04T17:14:36","modified_gmt":"2025-11-04T22:14:36","slug":"what-retirement-plan-options-are-available-for-my-business-in-2024","status":"publish","type":"post","link":"https:\/\/www.incsight.net\/blog\/2024\/04\/24\/what-retirement-plan-options-are-available-for-my-business-in-2024\/","title":{"rendered":"What Retirement Plan Options Are Available For My Business in 2024?"},"content":{"rendered":"<div class=\"et_d4_element et_pb_section et_pb_section_0  et_pb_css_mix_blend_mode et_section_regular et_block_section\" >\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t<div class=\"et_d4_element et_pb_row et_pb_row_0  et_pb_css_mix_blend_mode et_block_row\">\n\t\t\t\t<div class=\"et_d4_element et_pb_column_4_4 et_pb_column et_pb_column_0  et_pb_css_mix_blend_mode et-last-child et_block_column\">\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t<div class=\"et_pb_module et_d4_element et_pb_text et_pb_text_0  et_pb_text_align_left et_pb_bg_layout_light\">\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t<div class=\"et_pb_text_inner\"><p>When it comes to retirement planning for small business owners there are a lot of options available which can be confusing.<\/p>\n<p>There is no one strategy that is perfect for everyone so our goal here is to give you an overview of what's available to help you make a decision on what you may want to implement in your business.<\/p>\n<p>We partner with <a href=\"https:\/\/lifeincrs.com\/tax-savings-podcast\/\" target=\"_blank\" rel=\"noopener noreferrer\">Matt Ruttenberg and Life Inc Retirement Services<\/a> so if you would like to get started on setting up a retirement plan you can visit\u00a0their site\u00a0<a href=\"https:\/\/lifeincrs.com\/tax-savings-podcast\/\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a>.<\/p>\n<p>With the changes from the Secure Act 2.0, now is a great time to start a retirement account for your business.\u00a0<\/p>\n<h1>What Tax Credits are Available to Opening a Business Retirement Account?<\/h1>\n<p>There has never been a better time than now to start a business retirement plan. The government is getting serious in offering tax credits to do exactly that.\u00a0<\/p>\n<p>To qualify for these tax credits:<\/p>\n<ul>\n<li>You should have no more than 100 team members who each earned a minimum of $5,000 from your company last year.<\/li>\n<li>Additionally, at least one employee in your retirement plan should be a Non-HCE (Non Highly Compensated Employee).<\/li>\n<li>Finally, your business shouldn\u2019t have had a plan in place in the previous 3 years.<\/li>\n<\/ul>\n<p>You can file for these tax credits using Form 8881.<\/p>\n<p>The following credits are available:<\/p>\n<ul>\n<li><span><strong>Administration Credit<\/strong><\/span>\n<ul>\n<li>\n<p>Employer\u2019s will receive <strong>$250 per non-highly compensated employee<\/strong> that participates in a plan.<\/p>\n<\/li>\n<li>\n<p>This will allow the business to offset up to 100% of any out of pocket expenses including administration and record keepers costs.<\/p>\n<\/li>\n<li>This will last for the first three years of the plan.<\/li>\n<\/ul>\n<\/li>\n<li><span><strong>Auto-Enrollment Credit<\/strong><\/span>\n<ul>\n<li><span>\u00a0<\/span>Companies implementing automatic enrollment for their employees in a 401(k) plan may be eligible for a <strong>$500 credit<\/strong>.<\/li>\n<li>\n<p>Despite this auto-enrollment feature, employees have the option to opt out of the plan should they choose not to participate.<\/p>\n<\/li>\n<li>\n<p>This will last for the first three years of the plan.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li><span><strong>Contribution Credit<\/strong><\/span>\n<ul>\n<li>Companies have the potential to receive up to $1,000 per employee who earns under $100,000 annually.<\/li>\n<li>\n<p>This incentive is designed to help businesses offset the costs associated with providing a match or contribution to their employees\u2019 retirement plans.<\/p>\n<\/li>\n<li>This\u00a0will last for 5 years using the following amounts: Year 1 \u2013 100%, Year 2 \u2013 100%, Year 3 \u2013 75%, Year 4 \u2013 50%, Year 5 \u2013 25%.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><a href=\"https:\/\/lifeincrs.com\/tax-savings-podcast\/\" target=\"_blank\" rel=\"noopener noreferrer\">You can go through a calculator to see what tax credits may be available to you here.<\/a><\/p>\n<h1>What Is The Goal of A Business\u00a0Retirement Plan?<\/h1>\n<p>Before you think about putting a retirement plan in place you need to think about what your goal is by starting one as that will be a\u00a0starting point to the best option for YOU. Typically we say you fall into of these (or both):<\/p>\n<ul>\n<li>Employer looking for their own retirement or tax savings.<\/li>\n<li>Help recruit and retain high quality employees.\u00a0<\/li>\n<\/ul>\n<h1>What Retirement Options Are Available On The Personal Side?<\/h1>\n<p>Both a Traditional IRA and Roth IRA are options that are available to you whether you are a business owner or not.<\/p>\n<ul>\n<li><span><strong>Traditional IRA<\/strong><\/span>\n<ul>\n<li>2024 Contribution Limits:\n<ul>\n<li>$7,000 (If 50 or older: $8,000)<\/li>\n<li>Starts to phase out at AGI of $77k (Single) or $123k (Married) if you are covered by a workplace retirement plan.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li><span><strong>Roth IRA<\/strong><\/span>\n<ul>\n<li>2024 Contribution Limits:\n<ul>\n<li>$7,000 (If 50 or older: $8,000)<\/li>\n<li>Starts to phase out at AGI of $146k (Single) or $230k (Married).<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h1>What Retirement Plan Options Are Best For Businesses With No Outside Employees?\u00a0<\/h1>\n<p>If you have no employees you will likely want to focus on one of the two options below.<\/p>\n<ul>\n<li><span><strong>SEP IRA<\/strong><\/span>\n<ul>\n<li>2024 Contribution Limits:\n<ul>\n<li>EmployER: $69,000<\/li>\n<\/ul>\n<\/li>\n<li>Allows the owner to contribute up to 25% of\u00a0their W2 income. If you are a sole proprietor, the maximum is 20% of net earnings.<\/li>\n<li>Choice of Pre-tax or Roth Contributions.<\/li>\n<li>Employee contributions are NOT allowed. (employer must do same amount of contribution as their own).<\/li>\n<li>Who is this plan for?\n<ul>\n<li>Companies with few or no full-time employees.<\/li>\n<li>Business owners looking for a simple retirement plan.<\/li>\n<li>Employers who want to eliminate annual filings and compliance testing.<\/li>\n<li>Employers who don't mind contributing equally to their employees.<a href=\"https:\/\/www.taxsavingspodcast.com\/blog\/what-is-a-sep-ira-and-solo-or-individual-401k\" target=\"_blank\" rel=\"noopener noreferrer\">\n<p><\/a><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li><span><strong>Solo 401k (AKA Individual 401k)<\/strong><\/span>\n<ul>\n<li>2024 Contribution Limits:\n<ul>\n<li>EmployEE: $23,000 (If 50 or older: $30,500)<\/li>\n<li>EmployER: Maximum 25%\u00a0Contribution\u00a0<\/li>\n<li>Max Between Employee and Employer: $69,000 (If 50 or older: $76,500)<\/li>\n<\/ul>\n<\/li>\n<li>Will allow the owner to contribute 100% of\u00a0their income up to a certain point.<\/li>\n<li>Allows the company to match your contribution.<\/li>\n<li>Choice of Pre-tax or Roth Contributions.<\/li>\n<li>Who is this plan for?\n<ul>\n<li>Solo-entrepreneurs and employers with no full-time W-2 employees.<\/li>\n<li>Business owners thinking of adding employees in the future.<\/li>\n<li>Highly successful solo-entrepreneurs looking for considerable contributions.<\/li>\n<li>Business owners who want to include their spouse in a plan.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h1>What Retirement Plan Options Are Best For Businesses With Employees?<\/h1>\n<p>When you have employees outside of the owners you will want to look into the following options.<\/p>\n<ul>\n<li><span><strong>Payroll Deducted IRA<\/strong><\/span>\n<ul>\n<li>2024 Contribution Limits:<br \/>\n<ul>\n<li>$7,000 (If 50 or older: $8,000)<\/li>\n<li>Same phaseouts of Traditional IRA and Roth IRA above.<\/li>\n<\/ul>\n<\/li>\n<li>Gives your company the feel of a retirement plan for your employees, even if you\u2019re not quite ready for a 401k.<\/li>\n<li>Allows your employees to contribute towards retirement straight out of their paycheck.<\/li>\n<li>Choice of Pre-tax or Roth contributions.<\/li>\n<li>Matching contributions from the employer are not allowed.<a href=\"https:\/\/www.taxsavingspodcast.com\/blog\/what-is-a-simple-ira-or-payroll-deducted-ira\" target=\"_blank\" rel=\"noopener noreferrer\">\n<p><\/a><\/li>\n<\/ul>\n<\/li>\n<li><span><strong>SIMPLE IRA<\/strong><\/span>\n<ul>\n<li>2024 Contributions Limits:\n<ul>\n<li>EmployEE: $16,000 (If 50 or older: $19,500)<\/li>\n<\/ul>\n<\/li>\n<li>\u201cTurn-key\u201d matching and vesting options.\n<ul>\n<li>Either 3% match or 2% employer contribution required.<\/li>\n<\/ul>\n<\/li>\n<li>Your choice of employment qualification into the plan.<\/li>\n<li>No administration costs.<\/li>\n<li>Who is this plan for?\n<ul>\n<li>Companies with under 100 participants in the plan.<\/li>\n<li>Employers looking for a low cost alternative to a 401(k) plan.<\/li>\n<li>Employers who want to eliminate annual filings and compliance testing.<\/li>\n<li>Business owners who don't mind an instant vesting schedule.<a href=\"https:\/\/www.taxsavingspodcast.com\/blog\/what-is-a-simple-ira-or-payroll-deducted-ira\" target=\"_blank\" rel=\"noopener noreferrer\">\n<p><\/a><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li><span><strong>Safe Harbor 401k<\/strong><\/span>\n<ul>\n<li>2024 Contribution Limits:<br \/>\n<ul>\n<li>EmployEE: $23,000 (If 50 or older: $30,500)<\/li>\n<li>EmployER: Maximum 25%\u00a0Contribution\u00a0<\/li>\n<li>Max Between Employee and Employer: $69,000 (If 50 or older: $76,500)<\/li>\n<\/ul>\n<\/li>\n<li>Allows the owner to maximize contributions without relying on high employee participation.<\/li>\n<li>\u201cTurn-key\u201d matching and vesting options for easy compliance testing.<\/li>\n<li>Both Pre-tax and Roth Options inside the plan.<\/li>\n<li>Who is this plan for?\n<ul>\n<li>Companies with one or more full-time employees.<\/li>\n<li>Employers who want to maximize their own contributions.<\/li>\n<li>Businesses looking to compete for quality employees in their market.<\/li>\n<li>Employers who want to\u00a0minimize annual compliance testing.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h1>What Advanced Retirement Planning Options Are Available?<\/h1>\n<p>Every single plan is different with a fully custom design and flexibility.<\/p>\n<ul>\n<li><span><strong>Cash Balance Plan<\/strong><\/span>\n<ul>\n<li><span>2024 Contribution Limits:<\/span>\n<ul>\n<li><span>$300,000+<\/span>\n<ul>\n<li><span>Aged Banded Contribution Rates<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li><span>Can be a stand alone plan or paired with any 401(k) and Profit Sharing plan.<\/span><\/li>\n<li><span>High contribution limits for high income earning business owners.<\/span><\/li>\n<li><span>Allows employers to save substantially on taxes<\/span><\/li>\n<li><span>All contributions are employER contributions.<\/span><\/li>\n<li><span>Requires actuary in additional to normal compliance needs.<\/span><span>\n<p><\/span><\/li>\n<\/ul>\n<\/li>\n<li><span><strong>Non-Qualified Plans<\/strong><\/span>\n<ul>\n<li>Deferred Compensation Plan<\/li>\n<li>Bonus 162 or Executive Bonus Plan<\/li>\n<li>Owner\u00a0Only Plans\u00a0<\/li>\n<li><a href=\"https:\/\/www.taxsavingspodcast.com\/blog\/what-non-qualified-retirement-options-are-available-for-my-business\" target=\"_blank\" rel=\"noopener noreferrer\">Learn More Here<\/a><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>As a reminder, we partner with <a href=\"https:\/\/lifeincrs.com\/tax-savings-podcast\/\" target=\"_blank\" rel=\"noopener noreferrer\">Matt Ruttenberg and Life Inc Retirement Services<\/a> so if you would like to get started on setting up a retirement plan (or just looking for a consultation) you can visit\u00a0their site\u00a0<a href=\"https:\/\/lifeincrs.com\/tax-savings-podcast\/\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a>.\u00a0<\/p><\/div>\n\t\t\t<\/div><div class=\"et_pb_module et_d4_element et_pb_code et_pb_code_0\">\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t<div class=\"et_pb_code_inner\"><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/U9iCTT0Pug4?si=GhyI25FV_rFhWsSF\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n\t\t\t<\/div><div class=\"et_pb_module et_d4_element et_pb_code et_pb_code_1\">\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t<div class=\"et_pb_code_inner\"><iframe src=\"https:\/\/www.buzzsprout.com\/1837660\/14939518-retirement-plan-tax-credits-2024-essential-strategies-every-business-owner-should-know?client_source=small_player&iframe=true&referrer=https:\/\/www.buzzsprout.com\/1837660\/14939518-retirement-plan-tax-credits-2024-essential-strategies-every-business-owner-should-know.js?container_id=buzzsprout-player-14939518&player=small\" loading=\"lazy\" width=\"100%\" height=\"200\" frameborder=\"0\" scrolling=\"no\" title=\"Small Business Tax Savings Podcast, Retirement Plan Tax Credits 2024: Essential Strategies Every Business Owner Should Know\"><\/iframe><\/div>\n\t\t\t<\/div><div class=\"et_pb_module et_d4_element et_pb_code et_pb_code_2\">\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t<div class=\"et_pb_code_inner\"><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/V9Qv75JP8KM?si=0w-Zmw6lE2B9AwaE\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n\t\t\t<\/div><div class=\"et_pb_module et_d4_element et_pb_code et_pb_code_3\">\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t<div class=\"et_pb_code_inner\"><iframe src=\"https:\/\/www.buzzsprout.com\/1837660\/14982594-best-retirement-plans-for-solo-entrepreneurs-2024-guide-to-maximizing-savings-with-no-employees?client_source=small_player&iframe=true&referrer=https:\/\/www.buzzsprout.com\/1837660\/14982594-best-retirement-plans-for-solo-entrepreneurs-2024-guide-to-maximizing-savings-with-no-employees.js?container_id=buzzsprout-player-14982594&player=small\" loading=\"lazy\" width=\"100%\" height=\"200\" frameborder=\"0\" scrolling=\"no\" title=\"Small Business Tax Savings Podcast, Best Retirement Plans for Solo Entrepreneurs: 2024 Guide to Maximizing Savings with No Employees\"><\/iframe><\/div>\n\t\t\t<\/div><div class=\"et_pb_module et_d4_element et_pb_code et_pb_code_4\">\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t<div class=\"et_pb_code_inner\"><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/S_hrYsTbPg4?si=BMLwnUQkm1N4wGtf\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n\t\t\t<\/div><div class=\"et_pb_module et_d4_element et_pb_code et_pb_code_5\">\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t<div class=\"et_pb_code_inner\"><iframe src=\"https:\/\/www.buzzsprout.com\/1837660\/15023992-empower-your-team-choosing-the-right-retirement-plan-for-your-small-business-with-employees?client_source=small_player&iframe=true&referrer=https:\/\/www.buzzsprout.com\/1837660\/15023992-empower-your-team-choosing-the-right-retirement-plan-for-your-small-business-with-employees.js?container_id=buzzsprout-player-15023992&player=small\" loading=\"lazy\" width=\"100%\" height=\"200\" frameborder=\"0\" scrolling=\"no\" title=\"Small Business Tax Savings Podcast, Empower Your Team: Choosing the Right Retirement Plan for Your Small Business with Employees\"><\/iframe><\/div>\n\t\t\t<\/div><div class=\"et_pb_with_border et_pb_module et_d4_element et_pb_text et_pb_text_1  et_pb_text_align_left et_pb_bg_layout_light\">\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t<div class=\"et_pb_text_inner\"><ul>\n<li style=\"list-style-type: none;\">\n<p><strong>The Time Is NOW To Start Paying Less In Taxes.\u00a0<\/strong><strong>Join <span>TaxElm<\/span> and start eliminating taxes and growing your wealth!<\/strong><\/p>\n<p>What you'll get:<\/p>\n<ul>\n<li><strong>Tax Savings Blueprint and Training:<\/strong> We\u2019ll provide you with a customized tax plan that is tailored to meet your specific needs and goals. Along with that, you have access to our library of training modules, implementation guides, supporting documents, and more.<\/li>\n<li><strong>Unlimited Access to Tax Experts:<\/strong> Got a specific question about a tax strategy? You\u2019ll have access to our team of tax experts to get the accounting and tax answers you need.<\/li>\n<li><strong>Annual 1-on-1 Live Consultation:<\/strong> Once a year you get a live meeting with a tax expert to discuss anything tax savings you would like. This is your time to get your questions answered live 1-on-1.<\/li>\n<li><strong>Annual Bookkeeping Analysis:<\/strong> Annually you will submit your financials to our team of accountants and we will put together a high level business financials overview report custom to your business.<\/li>\n<li><strong>Monthly Group Webinar and Training:<\/strong> Every month, we host a live, virtual training session on a key tax topic. Join us live and bring your questions or view the recording on your own schedule.<\/li>\n<li><strong>Partner Directory and Discounts:<\/strong> You get exclusive, members-only rates and access to our expert referral network for accounting, bookkeeping, tax preparation, payroll, financial planning, legal, retirement planning, tax resolution, and more!<\/li>\n<\/ul>\n<p>It is like having a tax\u00a0strategist walking with you along this entrepreneurial journey!<\/p>\n<\/li>\n<\/ul><\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div><div class=\"et_d4_element et_pb_row et_pb_row_1  et_pb_css_mix_blend_mode et_block_row\">\n\t\t\t\t<div class=\"et_d4_element et_pb_column_4_4 et_pb_column et_pb_column_1  et_pb_css_mix_blend_mode et-last-child et_block_column\">\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t<div class=\"et_pb_button_module_wrapper et_pb_button_0_wrapper et_pb_button_alignment_center et_pb_module \">\n\t\t\t\t<a class=\"et_pb_button et_d4_element et_pb_button_0 et_animated et_pb_bg_layout_light et_block_module\" href=\"https:\/\/taxelm.com\/\">Join TaxElm<\/a>\n\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>Explore essential retirement plans for your business in 2024\u2014compare, select and boost employee retention and financial security.<\/p>\n","protected":false},"author":2,"featured_media":6090,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rs_blank_template":"","rs_page_bg_color":"","slide_template_v7":"","_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[32,56,52,78,82,80,36,51,33],"tags":[42],"class_list":["post-6089","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","category-business","category-irs","category-management","category-money","category-real-estate","category-small-business","category-tax-planning-strategy","category-taxes","tag-blog"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - 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