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Secure 2.0 Tax Credit

Discover the Benefits of the Secure 2.0 Tax Credit

Small businesses can provide their employees with retirement savings plans and offset the costs associated with establishing them with Secure 2.0 Tax Credits. This will help small businesses retain and recruit better talent in a competitive marketplace.

What Are Secure 2.0 Tax Credits?

Secure 2.0 Tax Credits are an exciting program designed to support small businesses in establishing retirement plans for their employees. This program aims to promote financial security and independence by offering attractive tax incentives that encourage employers to invest in retirement benefits. With Secure 2.0 Tax Credits, small businesses can not only provide their employees with a valuable perk but also enjoy potential tax savings. By taking advantage of this program, employers can show their commitment to the well-being and long-term success of their workforce, fostering loyalty and satisfaction among employees. Beautiful family at the beachAdditionally, the Secure 2.0 Tax Credits program simplifies the process of setting up retirement plans, ensuring that small businesses can navigate the complexities with ease. Whether you are a business owner looking to enhance employee benefits or an employee seeking financial peace of mind, Secure 2.0 Tax Credits offer a win-win solution for everyone involved. Don't miss out on this amazing opportunity to secure your future and create a thriving workplace environment.

 

 

 

You could be eligible for up to $2,500 per employee through Secure 2.0.

Secure 2.0 FAQs - Who Qualifies, What Qualifies & How to Claim

Is my business eligible?

Small businesses need to have 100 employees or fewer who earned a minimum of $5,000 in the previous year. This criterion ensures that the tax credits are directed towards smaller businesses that may have financial constraints in providing retirement savings options.

How do you qualify for Secure 2.0?

To qualify, the small business must provide retirement plan coverage to at least one employee who is not considered a High-Cost Employee (HCE). A non-HCE is defined as an employee who has a stake of more than 5% in the business or who earned over $135,000 in the previous year. This requirement ensures that a wider range of employees can benefit from the retirement plan.

In the three tax years before the first year of eligibility, it's important to ensure that the employees who received contributions or accrued benefits in another retirement plan sponsored by the business, a member of a controlled group that includes the business, or a predecessor of either, were not substantially the same employees. This requirement aims to ensure fairness and prevent businesses from continuously benefiting from tax credits while excluding certain employees from retirement plan benefits.

What should I do if I think I have a claim?

Start collecting documentation and seek guidance from a licensed tax professional: In order to navigate the application process accurately and efficiently, it is highly advisable to consult with a licensed tax professional to ensure that all requirements are met and the application is completed correctly.

Retirement Resources for Business Owners

Questions?

If you're a business owner, our team can help you plan for and take advantage of tax credits and deductions that can save you thousands in taxes. Set up a time to talk with one of our licensed tax experts today.

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