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Video instructions and help with filling out and completing Why 5304 Simple Tax Form

Instructions and Help about Why 5304 Simple Tax Form

Music hi I'm Michael Ruger I'm a certified financial planner on the managing partner Greenwich Financial Group and today I'll be going over simply array plans with you so simple IRA plans are type of employed sponsor plan we see these plans use a lot and smaller companies a lot of scenarios are that's a startup company and the owners are telling us that hey I just want to put a plan in place for my employees I'm still socking money in the business but I just want to get something in place simple I race tend to work in that scenario because they're a lot lower costs and 401k plans and allows employees to contribute out of their own pay and it gives them a little bit of an employer contribution the other scenario is the employer just says you know what that I even though the simple IRA contribution limits are lower than 401ks that's enough for me and they've got something a place for my employees and it's lower cost so there's a number of situations where they simple I raise make a lot of sense so I'm just going to kind of go through how they work you have to have the plans established by October 1st so if you're let's say in the 2023 and it's now November you can't establish one for this year you had to have it in place before ten one so that's just something to keep in mind if it's a new plan eligibility eligibility doesn't work like 401k plans so we're not in a 401k plan you can cover just full time employees and a simple iray plan of your a service is considered $5,000 worth a comp in a calendar year so an employee can earn $5,000 with...

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