๐‘๐„๐“๐ˆ๐‘๐„๐Œ๐„๐๐“ ๐๐‹๐€๐๐’ ๐’๐“๐€๐‘๐“๐”๐ ๐‚๐Ž๐’๐“๐’ ๐“๐€๐— ๐‚๐‘๐„๐ƒ๐ˆ๐“ (๐Ÿ๐ŸŽ/๐Ÿ๐Ÿ–/๐Ÿ๐ŸŽ๐Ÿ๐ŸŽ)

Thereโ€™s a tax credit for some of the ordinary and necessary costs of starting a SEP, SIMPLE IRA or qualified plan.

Eligible employers
Employers qualify to claim this credit based on number of employees, employee compensation and other plan participation by employees.

Amount of the credit
The credit is 50% of your ordinary and necessary eligible startup costs up to a maximum of $500 per year.

Eligible startup costs
Employers may claim the credit for ordinary and necessary costs to:
โ€ข Set up and administer the plan, and
โ€ข Educate your employees about the plan.

For additional requirements, see https://www.irs.gov/retirement-plans/retirement-plans-startup-costs-tax-credit#:~:text=The%20credit%20is%2050%25%20of,maximum%20of%20%24500%20per%20year.&text=You%20may%20claim%20the%20credit%20for%20ordinary%20and%20necessary%20costs,your%20employees%20about%20the%20plan.

If you need help, contact us at https://tjcarroll-law.com/contact/

๐“๐ก๐จ๐ฆ๐š๐ฌ ๐‰๐š๐ฆ๐ž๐ฌ ๐‚๐š๐ซ๐ซ๐จ๐ฅ๐ฅ, ๐.๐‚. ๐ข๐ฌ ๐š ๐ฅ๐š๐ฐ ๐Ÿ๐ข๐ซ๐ฆ ๐Ÿ๐จ๐œ๐ฎ๐ฌ๐ข๐ง๐  ๐จ๐ง ๐Ÿ๐ž๐๐ž๐ซ๐š๐ฅ ๐š๐ง๐ ๐ฌ๐ญ๐š๐ญ๐ž ๐ญ๐š๐ฑ๐ž๐ฌ ๐ญ๐ก๐š๐ญ ๐ฉ๐ซ๐จ๐ฏ๐ข๐๐ž๐ฌ ๐ข๐ง๐๐ข๐ฏ๐ข๐๐ฎ๐š๐ฅ๐ฌ ๐š๐ง๐ ๐›๐ฎ๐ฌ๐ข๐ง๐ž๐ฌ๐ฌ๐ž๐ฌ ๐ฐ๐ข๐ญ๐ก ๐ญ๐š๐ฑ ๐ก๐ž๐ฅ๐ฉ ๐š๐ง๐ ๐ฌ๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง๐ฌ ๐Ÿ๐จ๐ซ ๐ญ๐จ๐๐š๐ฒ ๐š๐ง๐ ๐ญ๐จ๐ฆ๐จ๐ซ๐ซ๐จ๐ฐ.

๐Ž๐ฏ๐ž๐ซ ๐Ÿ‘๐Ÿ“ ๐˜๐ž๐š๐ซ๐ฌ ๐จ๐Ÿ ๐„๐ฑ๐ฉ๐ž๐ซ๐ข๐ž๐ง๐œ๐ž ๐ข๐ง ๐ˆ๐‘๐’, ๐๐˜ & ๐๐‰ ๐“๐š๐ฑ ๐€๐ฎ๐๐ข๐ญ๐ฌ, ๐€๐ฉ๐ฉ๐ž๐š๐ฅ๐ฌ & ๐“๐š๐ฑ ๐๐ฅ๐š๐ง๐ง๐ข๐ง๐ .

๐–๐–๐–.๐“๐‰๐‚๐€๐‘๐‘๐Ž๐‹๐‹-๐‹๐€๐–.๐‚๐Ž๐Œ