5 Selling Points for Small Business Retirement Plans

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Help Small Business Owners Choose a Retirement Plan

Business owners have until December 31 to adopt a qualified retirement plan and claim a tax deduction for 2015. Which retirement plan to choose depends on the client’s objectives and his ability to comply with the rules. Here are the key provisions to consider in selecting either a 401(k), SEP IRA, or SIMPLE IRA.

5 Key Talking Points for Selling SIMPLE IRAs

SIMPLE IRAs can be a handy savings plan for small-business owners, but you must determine suitability first. These five questions can help you determine eligibility and get your client in a plan by the Oct. 1 deadline.

How to Report Clients’ IRA Contributions on the Tax Return

Part of saving for retirement includes reporting all IRA contributions to the feds via Form 1040. Naturally, there are five different lines to consider depending on the type of contribution made. Educate clients on their reporting responsibilities. A failure to report or an inaccurate listing could result in penalties and an unwelcome tax bill.

How to Work With Multiple IRA Accounts

It's not uncommon to have clients who have multiple SEP, SIMPLE, or traditional IRA accounts. While in many respects the tax treatment is the same, different penalties, protections, and rules apply. Bone up on how to combine, roll over, and transfer funds between the IRAs, as well as how to handle distributions, taxes, and losses.