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re: Best small business retirement account contribution rate for President/ owners?
Posted on 1/5/24 at 3:27 pm to baldona
Posted on 1/5/24 at 3:27 pm to baldona
quote:
My problem which I can rework fairly easily, is that like most S-Corp small businesses my W-2 income is not a huge portion of my actual income.
When you say “not a huge portion,” be careful. SCorps are coming under pressure for too much owner draws as a percentage of income. It’s not a problem until it is.
As far as 401k, probably not worth it for only 3 employees. May want to stick with SEP and be generous, or consider SIMPLE IRA.
1
Posted on 1/5/24 at 3:58 pm to slackster
Yeah I'm conservative with my S-corp. I've heard plenty of stories of people paying themselves $20k a year or whatever and $200k+ in distributions. I could reasonable hire someone for what I pay myself, but still none of my employees make over $70k so offering any sort of retirement plan I won't be able to do a damn thing with employer contributions anymore?
Everything on the web is Small business plans for individual owners, almost nothing for small businesses with 5-20 employees like a trades company, retail shop, restaurant, etc. where the owner makes considerably more than any employees.
Everything on the web is Small business plans for individual owners, almost nothing for small businesses with 5-20 employees like a trades company, retail shop, restaurant, etc. where the owner makes considerably more than any employees.
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