Business Owner
I have a business co-owner (50% each) with three employees for a total of 5.
The employees and owners are essentially the same ages.
What is the business owners’ best bet to defer money from taxes without going broke paying extra for employees?
I know they could do a 401k with a safe harbor 3% or a 3% match plus a half match on the next 2%, but my understanding is that only allows them to put away about $22,000 plus the 3% (over age 50).
Any ideas?
Permalink Submitted by mk foss on Thu, 2011-01-06 21:56
There are some other possibilites that allow as much as $42,000 (or more if over 50) – if you contact a Third Party Administrator, they would probably run lots of possibilities for you.