Owners can defer personal income into their own retirement account, reducing adjusted gross income (AGI).
Explore other related topics below
Some plans allow Roth options for after-tax contributions and tax-free qualified withdrawals.
Investments inside the plan grow tax-deferred until withdrawn, allowing greater compounding over time.
Businesses starting a new retirement plan may be eligible for credits up to $5,000 per year for the first 3 years.
Employer contributions are typically tax-deductible as a business expense, reducing your taxable income.