SMALL BUSINESS
Providing a wide range of professional services to meet your needs by offering you a comprehensive suite of employee and executive benefit solutions that includes life insurance, disability income insurance and retirement plan services. Offering plans for small businesses of every shape and size—whether you are a sole proprietor, C corporation, S corporation, or partnership. You’ll have access to a wide range of options to suit your specific goals.
Learn how our workplace benefit solutions can help your employees secure their financial future and protect the ones they love, while also protecting the succession of your business.
SMALL BUSINESS RETIREMENT PLAN SOLUTIONS
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Why set up a retirement plan?
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A small-business retirement plan is simply good business on many levels. It has benefits for you, your employees (if you have any), and your business.
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Jump-start your savings. As a small-business owner, planning for your retirement is entirely up to you. And if you employ others, you'll be helping them get on the right track for retirement too.
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Benefit from tax breaks. All retirement plans offer tax-deferred growth on earnings. As an employer, you also benefit from tax-deductible employer contributions.
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Give your money a chance to grow. In addition to your plan contributions, the compounding of interest, dividends, and capital gains allows your account to generate earnings on top of earnings.
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Attract and retain employees. Offering a retirement plan to your employees can keep you competitive in the job marketplace and help your business flourish.
The self-employed or small-business owners have choices that can benefit them: a SEP IRA, a SIMPLE IRA, a Solo 401k, 401k for Small Businesses, a Traditional or Roth IRA.
SEP IRA
This plan features tax deferral and tax-deductible employer contributions for self-employed individuals and small businesses. Business owners can defer income tax on as much as 25% of compensation up to $285,000 using a SEP IRA, for a maximum possible contribution of $57,000.
401K
Offer your employees a retirement plan with employee contributions, employer contributions, and an array of features.
SIMPLE IRA
A savings incentive match plan for employees has a lower contribution limit than many other types of retirement accounts. However, these accounts for businesses with 100 or fewer employees are generally easy to set up and manage. The employer must contribute to a SIMPLE IRA, and individual employees can choose to save more in the plan.
TRADITIONAL IRA
Individual retirement accounts have low contribution limits, but deposits qualify you for tax perks. You can defer paying income tax on up to $6,000 that you contribute to a traditional IRA in 2020, and the contribution limit climbs to $7,000 if you are age 50 or older.
SOLO 401K
This is a single-participant 401(k) plan that covers a business owner with no employees and his or her spouse. Contributions to a solo 401(k) can be made as both an employer and a participant. You can defer paying income tax on up to $19,500 in 2020, or $26,000 if you are age 50 or older, that you deposit in a solo 401(k).
ROTH IRA
Roth IRAs allow for after-tax contributions, with money growing tax-free. There is low administrative burden, you contribute to the accounts as an individual rather than as your own employer, and there’s a combined contribution limit for traditional and Roth IRAs of $6,000 in both 2020 and 2021.
EXECUTIVE & BUSINESS OWNER LIFE INSURANCE STRATEGIES
Life insurance provides a solid financial foundation and serves as a versatile tool for businesses of all sizes. Organizations can use life insurance as a valuable benefit to attract top talent and build loyalty by helping employees protect their loved ones. Business owners can use life insurance for additional purposes including protecting their company, family, partners and key employees from an unexpected death.
Executive Bonus Plan
(Section 162)
An executive bonus plan (Section 162) is a way for business owners or companies to provide additional supplemental benefits to key employees or executives of their choice. .With an executive bonus plan, the business can use tax deductible company funds to selectively provide valued benefits to key people.
Buy Sell Agreement
A buy-sell agreement is an arrangement between business partners to govern potential ownership transitions, including the “four Ds”: death, disability, divorce and disagreement.
One of the advantages of a buy-sell agreement is that it can protect the company and the remaining owners by outlining how the departing owner’s shares are handled.
Key Man Insurance
Key man insurance is simply life insurance on the key person in a business. In a small business, this is usually the owner, the founders or perhaps a key employee or two. These are the people who are crucial to a business--the ones whose absence would sink the company. You need key man insurance on those people