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News, tips, and advice for small business owners

SurePayroll Hosts Retirement Planning Seminar and Offers Tips on How to Maximize Tax Savings With a 401(k)

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Karen Stoychoff

Regardless of age, income, or financial goals, it’s critical every small business owner (and employee) has a clearly defined plan to maximize retirement and tax savings.


Small business owners wear multiple hats, with each day delivering a wealth of new opportunity and challenge to capture attention. It’s not surprising many small business owners have little time to invest in retirement planning.

According to the Small Business Administration, more than 9 million self-employed individuals are without retirement plan coverage, and only half the work force is covered by an employer-sponsored pension plan, a share that has not changed for almost three decades.

Retirement expert Tim McDonald recently talked with small business owners about the importance of retirement planning at the free Maximize Your Retirement and Tax Savings webinar hosted by SurePayroll. The interactive session featured actionable information for both those who haven’t given a single thought to retirement planning or those looking to maximize an existing plan. McDonald is an accredited retirement plan consultant with almost 10 years of experience helping small business owners plan for retirement.

“In all my years, I have never talked to a business owner or an employee who said, ‘I didn’t pay enough in taxes this year; I wish I would have paid more’,” said McDonald. “So, with deadlines and the end of the year approaching fast, there’s no time to waste in reducing your own taxes, your business taxes, and your employees’ taxes — all while giving the gift of retirement.”

During the webinar, McDonald talked about 401(k) basics, 401(k) plan funding, and why it’s critical for small business owners to proactively plan for retirement—for both employees and owners. McDonald explained that the benefits of a 401(k) run much deeper than providing an easy way to save money. He detailed the tax advantages for both the employer and employees, including how employees benefit from tax deductible contributions and tax deferred investment growth. For the small business owner, McDonald cites there are just as many benefits.

“As a company, any contribution, such as a match or profit share, contributed to employee accounts are tax deductible and considered a benefit expense to your organization. That also includes matches made to yourself,” said McDonald.

McDonald also covered the different types of 401(k) plans, including:

  • Also known as a business-only 401(k) plan, these are popular among business owners who have no other employees other than a business partner or spouse and don’t intend to hire any in the future.
  • This is what most business owners think of when they hear the term 401(k). This is the most complex type of 401(k), especially in large organizations with thousands of employees.
  • Safe Harbor. A safe harbor 401(k) is set up to be small business-friendly, and generally best for companies that have between one and 25 employees. These have benefits both to the employees of the business and the owner(s).

If you’re a small business owner, HR professional, or benefits administrator, now is a great time to consult with SurePayroll regarding your company’s 401(k) offering. The SurePayroll Sure401k service offers popular and affordable 401(k) options to suit every situation, including both traditional and safe-harbor 401(k) plans, as well as Solo(k) plans for owner-only and family businesses. You’ll also find numerous deferral options, and deductions are integrated into your payroll to make saving easy. Talk to a 401(k) specialist at 866-497-2028.

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This website contains articles posted for informational and educational value. SurePayroll is not responsible for information contained within any of these materials. Any opinions expressed within materials are not necessarily the opinion of, or supported by, SurePayroll. The information in these materials should not be considered legal or accounting advice, and it should not substitute for legal, accounting, and other professional advice where the facts and circumstances warrant. If you require legal or accounting advice or need other professional assistance, you should always consult your licensed attorney, accountant or other tax professional to discuss your particular facts, circumstances and business needs.