Investments inside the plan grow tax-deferred until withdrawn, allowing greater compounding over time.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