July 2021
If your business still needs a 2020 federal income tax deduction, one option to consider is retroactively adding a broad-based retirement plan that is tax-qualified. This can include options such as discretionary profit sharing, cash balance or traditional pension plans. By making contributions as an employer prior to the extended due date for your 2020 income tax return, you can add 401(k) or 403(b) plans with profit-sharing contributions for last year.
