You've made up your mind that you are going to start a new 401(k) for your business. That's great news, but knowing these important deadlines for 2021 can help make sure you have no delays. Let's walk through these important dates.
Deadline for S-Corps or Partnerships that filed for tax extensions to start a Traditional 401(k) with profit sharing contributions for the 2020 tax year.
Deadline to start a Safe Harbor 401(k) plan for 2021.
Deadline for C-Corps and Sole Proprietorships that filed for tax extensions to start a Traditional 401(k) with profit sharing contributions for the 2020 tax year.
Deadline to notify your employees that you'll be replacing your SIMPLE IRA plan with a 401(k) plan for the 2022 tax year. If you miss this deadline, the earliest you'll be able to start a 401(k) will be in 2023.
A 401(k) plan offers benefits that will help you not only attract but keep good employees at your company. Hiring a financial advisor to help establish and maintain a retirement plan can put you at ease and confirm that you’re checking all the boxes.
Questions on how to start? Schedule a call now!
The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.