Small Business Services

There are a variety of ways in which Small Business owners and employees can benefit from the services provided buy our financial professionals. If you would like more in depth information, please call us for an appointment to assess your needs further.

Small-Business Services

  • Portfolio Analysis
  • Retirement planning for Employer and Employee- new plan or review of existing plan
  • Insurance
    • Life, including “Key Man” insurance
    • Disability
    • Long-Term Care
  • Business Succession Planning
  • Charitable Donation Planning

Small-Business Retirement Plans

“Many business owners are so busy running their companies that they don’t plan for their own financial success. Hoping to someday sell your business and live off the profit is not a sound retirement strategy.” –Success Magazine, 2010

As an employer, a company retirement plan may help you:

  • Save for your own retirement
  • Receive tax credits and other incentives from the federal government
  • Attract – and keep- better employees
  • Realize increased worker productivity, especially if you plan is connected to company profits
  • Deduct all employer contributions from current taxes

401(k) Plans

Available to any employer (except government entities)

Advantages of a 401(k) plan:

Employer:

  • Employees contribute to their own accounts
  • Employer contributions and match, if any, are deductible business expenses
  • Flexible program designs to suit employer needs
  • Reduced fiduciary responsibility*

Participants:

  • High contribution limits
  • Participant loans may be available

*Employers have limited liability because accounts are set up for each eligible employee and participants control their own investment choices.

Solo 401(k) Plan

Available to self-employed individuals and owner-only businesses and partnerships

Advantage of Solo 401(k)

  • Tax-deferred growth, tax-deductible contributions, and pre-tax deferral contributions.
  • Salary deferral contributions with catch-up provision.
  • Profit sharing contributions up to 25% of compensations to the annual maximum.
  • Cost effective administration.

Simple IRAs

Available to any employer with fewer than 100 employees

Advantage of Simple IRAs:

Employer:

  • Low cost
  • Employees contribute to their own accounts
  • Employer match is a tax-deductible business expense
  • Easy setup and administration
  • No complex IRS reporting requirements
  • Reduced fiduciary responsibility*

Participants:

  • Contribution limits higher than with personal IRAs
  • Immediate vesting (money in employees’ accounts is theirs to keep)

*Employers have limited liability because accounts are set up for each eligible employee and participants control their own investment choices.

SEP IRA Plans

Any employer or sole proprietor

Advantages of a SEP IRA Plan:

Employer:

  • Low cost
  • Employer contributions are deductible business expenses
  • Flexible contribution limits; you decide how much to contribute
  • Annual contributions are not required
  • Easy setup and administration
  • Minimum paperwork; no complex IRS reporting requirements
  • Ability to discontinue the plan at any time
  • Reduced fiduciary responsibility*

Participants:

  • Immediate vesting (money in employees’ accounts is theirs to keep)

*Employers have limited liability because accounts are set up for each eligible employee and participants control their own investment choices.

Payroll Deduction IRAs

Available to any employer or sole proprietor

Advantages of a Payroll Deduction IRA plan:

Employer:

  • Low cost
  • Employee contributions are automatically deducted from their paychecks to their own accounts
  • Easy setup and administration
  • No complex IRS reporting requirements
  • Reduced fiduciary responsibility*

Employees:

  • Choice of IRA — a traditional or a Roth IRA
  • Control — employees decide how much and how often to contribute
  • IRAs may be funded for a nonworking spouse
  • Immediate vesting (money in employees’ accounts is theirs to keep)
  • Ability to make withdrawals at any time, subject to tax and possible penalties

*Employers have limited liability because accounts are set up for each eligible employee and participants control their own investment choices.

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