US. Deadline nearing for retirement plan decision
Small business owners who are considering starting retirement plans for their employees have a chance to save on their 2017 taxes. If they want to set up the least complex plan, the SEP, or Simplified Employee Pension, they can still do so by the due date for their returns — and that could be as late as Oct. 15 if they get an extension of the upcoming April 17 filing deadline.
SEPs require very little paperwork and reporting to the government. An owner can ask a bank or other financial institution to create a SEP, which includes separate retirement accounts for each employee. The owner must also complete a formal written agreement to provide benefits to employees; the easiest way to do that is to complete IRS Form 5305, Simplified Employee Pension — Individual Retirement Accounts Contribution Agreement.
Read More: ABC News
