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Ohio online Form 5304-SIMPLE: What You Should Know
Use a Form 4562‒ Employee Identification Number (EIN) on Schedule CD for each employee you wish to add to your SIMPLE IRA. SIMPLE IRA Employer Guide — Alliance Bernstein Simplify IRA — The SIMPLE IRA for Small Business A SIMPLE IRA can offer both flexibility and benefits for the management of corporate pensions. SIMPLE-IRAs provide tax- deferral for employers and employees. SIMPLE IRA-IRAs are an alternative to traditional employee pension programs where a limited number of employees, defined for example by year of employment, and their eligible families can participate. A SIMPLE IRA allows a small business to better manage their pensions and contribute to a pool that is diversified and easy to manage. A large corporation can establish a SIMPLE IRA to give shareholders a greater involvement in the company's pension fund. Simplify IRA — The SIMPLE IRA for Small Business A SIMPLE IRA can offer both flexibility and benefits for the management of corporate pensions. Simplify IRA — The SIMPLE IRA for Business Owners — a. The SIMPLE IRA is the simplest financial tool a company can use for a large business. b. It is extremely powerful when used appropriately. A company can contribute a small amount to their SIMPLE IRA and reap significant business benefit; but when used properly, it is a great tool to help manage their corporate pension. c. A small business can set up a SIMPLE IRA that is a good match for their business investment portfolio. Benefits of a SIMPLE IRA: It is easy to use. The tax-deferred contribution can be used to save. The SIMPLE IRA is a self-employed individual's most tax-efficient, while providing an unlimited amount of tax-deferred savings to the employee. It's tax-free, so a company is free to invest in the stock market if they choose. (The business owner's return on this investment also would be tax-free.) Individual plans are more secure than corporate plans. In contrast, a corporation's pension plan has restrictions; it's the employer's responsibility to maintain the plan. In contrast, individual participants have no limits on the amount they can contribute and have the discretion to invest in stocks.
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