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Did You Start a Retirement Plan for Your Employees?
You May be Eligible for a Business Tax Break

A tax credit is available for new retirement plan qualified start-up costs. Qualified start-up costs are defined as expenses paid or incurred in connection with the establishment or administration of an eligible employer plan, or retirement-related education of employees with respect to the plan.

The credit is 50% of qualifying costs, with an annual credit cap of $500.

This credit is available only for the first three plan years of a new qualified plan. It is restricted to a business that in the preceding year, employed 100 or fewer employees with compensation of at least $5,000.

Plans, which may include 401(k), SEP, or SIMPLE plans, must cover at least one nonhighly compensated employee.

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