Last Chance: Set Up a Retirement Plan by Oct. 15 to Cut 2024 Taxes!

Do you own a business (or are you self-employed) and have you extended your 2024 income tax return to Oct. 15, 2025? You may still be able to reduce your 2024 tax liability by setting up a retirement plan and making deductible contributions by Oct. 15. Keep in mind that, if you have employees who work enough hours and meet other qualification requirements, they generally must be allowed to participate in the plan. Some options include a defined contribution plan (such as a profit-sharing plan or a Simplified Employee Pension plan) and a defined benefit plan. To learn more and establish a new retirement plan before the deadline, contact us.