By Jean D. Sifleet
The last word reference on repayment for small company ownersBeyond 401(k)s for Small enterprise vendors provides thoughts for decreasing taxes, making plans on your retirement, and profitable high-performing staff. specialist suggestion from lawyer and CPA Jean Sifleet may help small enterprise vendors maximize their very own rewards and create an atmosphere during which staff recognize that their labor will suggest a greater destiny for themselves.In transparent, basic language this publication is helping you determine what sort of plan you could find the money for, what your staff wish, and what to do. very important tax and assurance concerns are lined intimately and step by step information allows you to layout a repayment technique that works for either you and your staff. Case experiences, pattern plans, and valuable references make this e-book your one-stop resource for whole insurance of possible choices, from funds bonus courses to worker inventory alternative plans (ESOPs) and every thing in among. With past 401(k)s for Small company vendors you will have all of the instruments you wish to:* Maximize proprietor merits, decrease taxes, and increase your retirement source of revenue* Use inventive repayment to encourage your staff* comprehend certified and nonqualified plans* deal with the original problems with kin companies* Get the easiest deal on coverage and advantages in your corporation* keep away from dear pitfalls* degree your growth and preserve your plan on the right track
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Extra resources for Beyond 401(k)s for Small Business Owners: A Practical Guide to Incentive, Deferred Compensation, and Retirement Plans
The most important issues to employees today are pay, pay-performance linkage, adequate staffing, enjoyment of their work, and work/family balance. • An employee benefit survey can help you identify what is most important to your employees. 4 WHAT IS THE CURRENT EMPLOYEE PICTURE? Almost invariably, business owners are surprised by the actual information about their employees. They are surprised that one employee’s salary is so high and another’s salary is so low. Sometimes they learn that a key person (one who really helps the company make those critical deadlines) has been overlooked and has not received a bonus in years.
Retirement plans that require employer funding—which small business owners usually view negatively, since they are paying for employees’ retirement—can actually be an upside for family businesses. If most or all of the employees are family members, the business is able to obtain tax deductions (reduce current taxes) to fund the retirement of family members. If Most Employees Are Family Members If most or all the employees are family members, a SEP (Simplified Employee Pension Plan) is an easy choice.
Successful family businesses that stand the test of time find ways to resolve disputes and rivalries among family members and ensure that the leadership of the company is in capable hands. Sometimes this means finding nonfamily hands. Compensation planning is especially important in family businesses. Frequently, the extended family depends heavily, sometimes exclusively, on profits from the business to maintain their way of life. To develop an effective compensation plan for a family business requires addressing all the issues discussed in Chapters 1 through 4 as well as dealing with the family dynamics.