Year-end Deadline Looms for Small Business Retirement Plans
Year-end Deadline Looms for Small Business Retirement Plans
Last-minute Quick Adoption Process Helps Procrastinators Beat Deadline
San Francisco, Calif. (Dec. 28, 2010) — This week is the last chance for small business owners and self-employed to take advantage of defined benefit (DB) plans to significantly reduce their 2010 taxes.
“The last minute rush to set up DB plans is on,” said Karen Shapiro, founder and chief executive officer of Dedicated Define Benefit Services, the leading provider of the defined benefit plans. By using the quick adoption process, financial and tax advisors and their clients can still beat the year-end deadline and save thousands of dollars on their 2010 tax returns.
According to Shapiro, the key advantages of defined benefit plans for small business owners are:
- Contributions can exceed $100,000 per year, based on age and income
- Contributions generally are 100 percent deductible against earned income
- Contributions grow tax-deferred until withdrawn
- Clients may be able to add a 401(k) for even higher savings
“Since DB plans must be established before the end of the tax year, now is the time for people to determine whether a defined benefit plan is right for them,” said Shapiro. Dedicated DB Services has developed a special Quick Adoption process that allows qualified small business owners and individuals with self-employment income to sign up through December 31st.
For more information about defined benefit plans and to determine if you qualify, visit www.onepersonplus.com or call 1-866-269-2706, or ask your financial or tax advisor for more information.
About Dedicated Defined Benefit Services
Dedicated Defined Benefit Services, based in the San Francisco Bay area, is the only national company focused exclusively on helping financial advisors provide Defined Benefit Plans for high-income professionals, small business owners and individuals with self-employment income. Dedicated DB, which pioneered streamlined, turnkey defined benefit plans for small business, administers over 1000 plans for firms with one to five employees.
Media Contact:
Victoria Steiner
Harden Communication Partners
Tel. 510.635.4150
VSteiner@hardenpartners.com