By TheStreet
Retirement plan coverage in the United States has lagged for years, despite repeated federal efforts to expand it. Small business owners and self-employed Americans remain among the least covered, with many operating without any 401(k) plan in place.
Solo 401(k) holders, the group that includes most one-person businesses and spouse-run operations, have historically been left out of certain tax incentives traditional 401(k) sponsors receive. The startup cost credit that helps offset the expense of launching a workplace retirement plan, for example, was not always available to solo 401(k) plans.
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1 thought on “Major 401(k) opportunity can net Americans $1,500”
This is a great breakdown of the 401(k) credits! As a small business owner, I’m always looking for ways to maximize these incentives, but I’m often paranoid about the “fine print” in financial agreements that could lead to unexpected liabilities. I was recently reading a compliance audit regarding user protection and terms of service at https://guiadebetssonargentina.com/terminos-y-condiciones and it got me thinking about risk management in a broader sense. Does anyone know if there are specific clauses in the new 401(k) startup credit regulations that allow the government to claw back those $1,500 benefits if the business structure changes within the first year?