File a Simple IRA for your Business Before October 1st

If you are unaware, the deadline for filing a Simple IRA for your business is approaching fast. What is a Simple IRA? The Simple IRA allows small businesses to contribute to their employees’ retirement plans, without that business to go through the expensive of establishing a 401k. Thus, employees get retirement plans, while small businesses avoid administration fees. Other benefits include:

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  • Quick, easy setup with a phone call to your financial institution.
  • Employees covered by a business’s Simple IRA can contribute to their individual Simple IRA using regular payroll deductions.
  • Employers can match employee contributions or they can contribute a fixed percentage of all eligible employees’ pay.

If you are not sure if your small business is eligible for a Simple IRA program, the requirements are:

  • You employ 100 or fewer individuals
  • Your business does not currently offer other retirement plans
  • 1-2 forms to be completed

For more information about how we can help your business, check out our incorporation services page or contact us here.

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