By Jean D. Sifleet
The final word reference on repayment for small company ownersBeyond 401(k)s for Small enterprise proprietors provides ideas for decreasing taxes, making plans on your retirement, and worthwhile high-performing staff. professional suggestion from legal professional and CPA Jean Sifleet may help small company proprietors maximize their very own rewards and create an atmosphere within which staff be aware of that their exertions will suggest a greater destiny for themselves.In transparent, uncomplicated language this e-book is helping you determine what sort of plan you could come up with the money for, what your staff wish, and what to do. very important tax and assurance matters are coated intimately and step by step tips permits you to layout a repayment approach that works for either you and your staff. Case experiences, pattern plans, and necessary references make this e-book your one-stop resource for whole insurance of choices, from money bonus courses to worker inventory alternative plans (ESOPs) and every thing in among. With past 401(k)s for Small company proprietors you will have the entire instruments you would like to:* Maximize proprietor advantages, decrease taxes, and increase your retirement source of revenue* Use artistic reimbursement to encourage your staff* comprehend certified and nonqualified plans* deal with the original problems with relatives companies* Get the simplest deal on assurance and merits on your corporation* keep away from dear pitfalls* degree your development and preserve your plan on target
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Extra info for Beyond 401(k)s for Small Business Owners: A Practical Guide to Incentive, Deferred Compensation, and Retirement Plans
What behaviors do you want to encourage? • What behaviors do you want to discourage? • What outcomes do you want to reward? NEXT, CREATE A VISUAL CALENDAR FRAMEWORK FOR YOUR PLANNING PROCESS Mapping out your calendar lets you see your business year at a glance. With a visual framework, you can schedule your planning process as part of your business operations: • Map out the key events of your business year. • Map in a rough timetable for compensation and benefit review and planning. With your planning framework, you can make some realistic choices about how you will develop your integrated compensation plan.
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. The discrimination tests apply to all employees, so you cannot favor family members in funding retirement plans. Nonqualified plans limit coverage to selected key employees. With nonqualified deferred compensation plans, you can put more money away and select the employees who are covered.
Medical insurance b. The 401(k) plan c. The bonus plan 9. Include demographic items. When designing a benefit plan, you need to know how different categories of employees feel about the current benefits and what changes they would like to see. Therefore, ask employees to indicate sex, age, full or part time, family income, dependents, salaried versus hourly, and whether they are covered under a spouse’s plan. 10. Include items that require employees to make choices. Such items can provide valuable information that will help you make intelligent decisions when designing a benefit plan.