Small-business owners still weighing the pros and cons of a retirement plan might want to consider a Safe Harbor 401(k) plan.
But they shouldn't wait too long, because the deadline to put one in place for 2013 is Oct. 1 and the paperwork to set one up can take one to two weeks — so time is of the essence.
The Safe Harbor enables small-business owners and any highly compensated employees to make the maximum contribution ($17,500 for those under 50 years of age; $23,000 if over 50) either tax-deferred or after tax in the Roth 401(k) regardless of income in 2012 and on-going.
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