Tax Benefits for Employers: Navigating 401k and Pension Contributions
Jake Jorgovan
APRIL 26, 2024
Tax Credits for New Plans There are additional incentives for starting a new 401k plan. The SECURE Act introduced tax credits, which can total up to $5,000 per year for the first three years. Take, for example, "credit balancing." Your taxable income decreases by an equivalent amount for every dollar you contribute.
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