More Small Businesses are adding 401k offerings to their employee benefits packages, in part because of the tax saving that are available as a result of the SECURE Act, which went into effect in the last days of 2022.
To qualify for this tax credit, a company must have at least one employee (not including the owner of the business) who makes less than $135,000 a year. The size of the tax credit will be calculated based on the total number of employees whose wages fall below that minimum salary threshold, with an annual cap of $5,000 total tax credit for a company per year.
You can read more about the SECURE Act and the potential implications for your small business here.
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