Yahoo Finance ShareBuilder 401k Offers Free Setup for Small Businesses with Employees from May 1 to May 22
Businesses can provide low-cost retirement benefits while lowering personal taxes
SEATTLE, May 01, 2024--(BUSINESS WIRE)--ShareBuilder 401k, a leading small business retirement plan provider, is offering an exciting opportunity for them to save for retirement and lower taxes by opening a 401(k) plan. Now through May 22, ShareBuilder 401k is waiving setup charges of up to $750, making it easier for small businesses to provide retirement benefits to their employees while creating a tax benefit.
Many small businesses have just completed last year's taxes, which can be challenging and more costly for small business owners without access to retirement plan benefits. However, while many small businesses do not offer 401(k) benefits, there is much-needed tax relief due to the Secure Act 2.0, which makes starting 401(k) plans even more affordable, if not entirely cost-free, for any small business. Passed in late 2022, Secure Act 2.0 eliminates almost all cost barriers for small businesses with employees starting their first 401(k) plan with tax credits applicable to 401(k) costs including employer matching. For businesses with 1-50 employees, tax credits for 401(k) setup and ongoing administration are dollar for dollar for up to $5,000 each year for the first three years of starting a 401(k). There are other tax credits and deductions to help cover any employer-matching contributions an employer may choose to provide.
In addition, owners and employees can benefit with either pre-tax 401(k) contributions to lower this year's taxes (monies will be taxed upon withdrawal in retirement) and/or using the Roth 401(k) feature to contribute after-tax and benefit from tax-free withdrawals in retirement. Unlike a Roth IRA, there is no income limit to contribute to a Roth 401(k).
"Many small business owners aren't even aware they can offer or even afford 401(k) benefits," said Stuart Robertson, President and CEO of ShareBuilder 401k. "As the tax season winds down, we understand the financial challenges that small business owners face. Our goal is to make adding 401(k) benefits simple and low-cost. With our free setup offer, low-expense solution, and these new tax credits, small businesses can start a no to low-cost 401(k) and help their employees and themselves build for a secure retirement while lowering personal taxes too."
Small businesses with employees interested in learning more about ShareBuilder 401k's free setup offer can visit www.sharebuilder401k.com.
About ShareBuilder 401k
ShareBuilder 401k is a leading digital 401(k) provider specializing in low-cost, all-ETF retirement products and resources for small- to mid-sized companies, including owner-only businesses. Founded in 2005, and now serving more than 6,500 businesses across the US, ShareBuilder 401k is a pioneer of the index-based 401(k), digital quoting and purchasing of retirement plans, and providing investment management (ERISA 3(38)) services for every client’s fund roster. ShareBuilder 401k is committed to expanding access to retirement plans and leading more Americans to save through cutting-edge technology, low costs and quality education and support.
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