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Profit Sharing Plans provide the most flexibility among qualified plans available. With a Profit Sharing Plan, an employer can add up to 25% of total compensation to all eligible employees. An employer may allocate up to 100% of the participants’ compensation or $56,000 (indexed to the cost-of-living), whichever is less.
Unlike Defined Benefit Plans, employers are not required to make a contribution every year. In fact, many employers parallel the level of contribution to the profitability of the business, but an employer can still contribute regardless of the profitability.
Retirement plan design can help your business maximize retirement contributions while increasing tax deductions. Profit Sharing Plans allow a business flexibility with contributions. Explore our services and contact us today for a free consultation!