Can My Business Still Set Up a Retirement Plan for 2023?

Yes! If you haven’t filed your taxes for 2023 yet, you can still set up a retirement plan and make a contribution for the 2023 tax year. Yes, really! The deadline for making a 2023 contribution (for a calendar plan year) is September 15, 2024 which means that there is still time! This can be very advantageous to high earning business owners that are looking for tax breaks on their 2023 tax filing. Defined Benefit Plans often offer significantly higher tax-deductible contributions than other retirement plans such as 401(k) or Profit-Sharing Plans making them a tax-efficient way to put money towards retirement.

In order to set up a plan timely, contact us by the end of July 2024 to set up a plan for 2023.

If you are considering setting up a Defined Benefit Plan with us or have questions, reach out to an IAI consultant.

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