This video is all about 2022 retirement plan deadlines.

Retirement plans are low hanging fruit for business owners. They provide a wonderful tax deduction, help attract and retain employees, and position personal assets for long term growth. Sponsoring a plan comes with responsibilities and deadlines though, which Grant reviews in this edition of The Business Owner’s Corner.

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2022 Retirement Plan Deadlines – Business Owner’s Corner

As a business owner, planning for your retirement is imperative to ensure financial security in your golden years. Setting up retirement plans not only benefits you personally but also enables you to attract and retain top talent. With the new year upon us, it is crucial to understand the retirement plan deadlines for 2022 and take necessary action promptly.

1. Solo 401(k) Plan: If you are a self-employed individual or own a small business with no employees, the Solo 401(k) plan can be an ideal option. The contribution limits for 2022 have increased, allowing you to save more for retirement. The deadline for setting up and funding a Solo 401(k) plan for 2022 is December 31st, 2022, or your business’s fiscal year-end if it differs from the calendar year.

2. SEP IRA: Simplified Employee Pension (SEP) IRA is another retirement plan option for business owners with employees. The deadline to establish a SEP IRA for the 2022 tax year is your business’s tax filing deadline, including extensions. However, the contributions can be made until the due date of your tax return, excluding extensions.

3. SIMPLE IRA Plan: If your business employs fewer than 100 employees, the Savings Incentive Match Plan for Employees (SIMPLE) IRA can be suitable. The deadline for establishing a SIMPLE IRA plan for 2022 is October 1st, 2022. However, if your business is a startup, you may have a later deadline to establish this plan.

4. Traditional or Roth IRA: Individual Retirement Accounts (IRA) are available to anyone, regardless of their business ownership status. For 2022, the maximum contribution limit remains the same as in 2021 but can be adjusted annually. The deadline for contributing to a Traditional or Roth IRA for the 2022 tax year is April 15th, 2023.

5. Safe Harbor 401(k) Plan: If you have a business with employees and want to provide additional retirement benefits, a Safe Harbor 401(k) plan may suit your needs. The deadline for establishing this plan is October 1st, 2022. However, similar to the SIMPLE IRA plan, certain exceptions apply for businesses that have recently started.

Remember that it is always recommended to consult with a financial advisor or retirement plan specialist to choose the retirement plan option that aligns with your business’s requirements and financial goals. They can guide you through the complexity of plan administration, contribution limits, and other important details.

Apart from choosing the right retirement plan, stay vigilant about meeting the deadlines to avoid penalties and maximize your retirement savings. Failing to establish a plan or contribute within the designated timeframe can result in missed opportunities for tax deductions and potential IRS penalties.

In conclusion, as a business owner, being proactive about retirement planning is key to securing your financial future. Understanding the 2022 retirement plan deadlines and taking action accordingly will enable you to make the most of the available options and safeguard your retirement funds. Start the year off right by making retirement planning a top priority, benefiting both you and your employees.