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Savannah Georgia online Form 5304-SIMPLE: What You Should Know

For a small business, we can set up an  SIMPLE IRA with contributions that you or your business make (e.g., your employees) and the other employee can pay any portion of it with his/her paycheck. This plan must only be held by the employer  in a qualified bank or some other safe place and may only be used to pay qualified business expenses; Savings. You can have as many employees as you wish to participate in a savings plan that can benefit as many employees as possible using the following guidelines. (Employer must file See Regulations Section1.401(k)1 for more information. An employer participating can't charge an extra tax.) If you have employees and pay for their savings, you are required to make your contributions. Contributions to a SIMPLE IRA plan are limited to an average of 10% of the contributions made in an employee account for the calendar year to each employee, with an additional maximum of 18% of the average of the annual contributions to each employee, but no more than an average of 3% for any period of 12 consecutive months to any employee. In the case of all employee contributions made by the employer to the plan in any calendar year, the annual limits may be different from the limits for the calendar year. For a tax year, if your business earns  an average salary of at least 60,000, you should have 40,000 or less, and have your plan held in the same location as the business, so you can pay it taxes-free and there are no fees or taxes collected (in the form of an add-back credit on your return). For your tax year 2018, if your business earns at least 140,000, you should have  60,000 or less, and you hold the plan in a safe deposit box for easy tax keeping. The IRS allows for a “catch-up” of contributions that would otherwise fall due. Catch-up contributions are allowed in the case if the employee's contribution exceeded the total maximum allowed under the SIMPLE IRA Plan,  and has not yet expired. The catch-up contribution amount is prorated based on the year in which such a catch-up contribution is made.

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