Retirement Plans for Small Businesses
If you're self-employed or own a small business and you haven't established a retirement savings plan, 
what are you waiting for? A retirement plan can help you and your employees save for the future. And you'll be in good company--over 1 million small businesses with 100 or fewer employees currently offer workplace retirement savings plans.
Tax advantages
A retirement plan can have significant tax advantages:
- Your contributions are deductible when made
- Your contributions aren't taxed to an employee until distributed from the plan
- Money in the retirement program grows tax deferred (or, in the case of Roth accounts, potentially tax free)
- You may be able to claim a tax credit equal to 50% of the cost to set up and administer a retirement plan, up to a maximum of $500 per year for each of the first three years of the plan
- Certain low- and moderate-income employees may be entitled to a tax credit ("saver's tax credit") for a portion of their contributions to the plan
When developing a succession plan for your business, you must make many decisions. Should you sell your business or give it away? Should you structure your plan to go into effect during your lifetime or at your death? Should you transfer your ownership interest to family members, co-owners, employees, or an outside party? The key is to pick the best plan for your circumstances and objectives, and to seek help from financial and legal advisors to carry out this plan.
If you're self-employed, you may be able to deduct transportation, lodging, and/or meal expenses that you incur when you travel away from home for business. Similarly, if you're an employee of a company and you incur unreimbursed business travel expenses, you may be able to deduct these expenses on your federal tax return as miscellaneous expenses.