Beyond 401 by Jean D. Sifleet

By Jean D. Sifleet

The last word reference on reimbursement for small enterprise owners

Beyond 401(k)s for Small enterprise vendors offers thoughts for decreasing taxes, making plans to your retirement, and profitable high-performing staff. specialist recommendation from lawyer and CPA Jean Sifleet can assist small enterprise vendors maximize their very own rewards and create an atmosphere within which staff understand that their labor will suggest a greater destiny for themselves.

In transparent, basic language this booklet is helping you determine what sort of plan you could have the funds for, what your staff wish, and what to do. very important tax and assurance concerns are lined intimately and step by step tips permits you to layout a repayment technique that works for either you and your staff. Case stories, pattern plans, and worthy references make this booklet your one-stop resource for whole assurance of choices, from money bonus courses to worker inventory choice plans (ESOPs) and every thing in among. With past 401(k)s for Small company vendors you will have the entire instruments you wish to:
* Maximize proprietor merits, decrease taxes, and improve your retirement income
* Use artistic reimbursement to inspire your employees
* comprehend certified and nonqualified plans
* deal with the original problems with kinfolk businesses
* Get the simplest deal on coverage and merits to your company
* keep away from pricey pitfalls
* degree your growth and continue your plan on the right track

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2 Benefits of Visualizing Your Plan Using a visual framework helps you prioritize and focus. You can map out and compare alternative scenarios. You can see connections and sequencing of actions. Deliverables and milestones become clear. Using a Calendar Time Line 19 A WRITTEN PLAN WILL HELP YOU BE CONSISTENT Whatever you decide to do, it should be part of your plan and you should implement it consistently. Inconsistency or a failure to follow through will undermine the effectiveness of your incentive compensation plan in motivating employees.

Avoiding Older Generation’s Dependence on Younger Generation It is much easier for the older generation to “let go” if their retirement income stream is secure, separate, and apart from the future performance of the business. That way, their retirement income is not dependent on how well the kids or successor managers run the business. A carefully designed retirement plan can secure a retirement income, apart from the business. Special considerations apply to the development of compensation and retirement plans for a family business.

In funding SEPs, employers cannot discriminate in favor of themselves or highly compensated employees. This can work well for a family business, if you are funding the retirement of family members. If Key Employees Are Nonfamily Members If key employees are nonfamily members, the choices are more complicated. The range of qualified plans (such as the defined contribution, 401(k)s, and defined benefit plans discussed in Chapter 6) offer some good choices but require satisfying the discrimination Special Considerations in Evaluating Options 45 tests.

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