Retirement Plan Tax Credits 2024: Essential Strategies Every Business Owner Should Know

Are you a small business owner curious about the financial benefits of establishing a retirement plan for your company?

In this episode, Mike Jeshowshek and guest Matt Ruttenberg discuss the substantial tax credits and key due dates associated with setting up retirement plans for small businesses, introduced by Secure 2.0. They delve into specific credits available, such as the startup credit and the auto-enrollment credit, and outline who qualifies for these benefits. Matt provides a detailed explanation of how businesses can maximize these credits, the importance of not missing due dates, and the strategic advantage of starting retirement plans early. They also emphasize the significant tax savings and benefits for small business owners and their employees.

[00:00 - 05:51] Introduction and Overview of the Series

[05:52 - 12:04] Discussing Tax Credits for Retirement Plans

• Matt explains the startup and auto-enrollment credits under Secure 2.0.
• He gives examples of how businesses can utilize these credits.

[12:05 - 18:44] Qualification Criteria and Case Studies

• Matt provided a detailed discussion on who qualifies for the tax credits and a case study illustrating potential savings.

[18:45 - 22:24] Important Due Dates for Implementing Plans

• Matt outlines critical due dates for various retirement plans.
• What is the importance of early planning and meeting deadlines to maximize benefits?

Direct Quote:

"Don't wait until September 15th... It takes roughly 45 to 60 days to implement these plans... So let's start having these conversations and just start looking into it." - Matt Ruttenberg

Connect with Matt Ruttenberg!

LinkedIn: https://www.linkedin.com/in/mattruttenberg/ 

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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

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