While you have until the extended due date of your 2014 return (in most cases) to complete contributions to a qualified retirement plan and deduct them on the 2014 return, the paperwork for a 2014 plan must be signed by December 31, 2014. Choose a plan that fits your situation; IRS Publication 4484 has a nice comparison of plans for small businesses. Of course, if you miss the deadline, you can set up and fund a SEP plan until the extended due date of your 2014 return.
Yes, the new 2015 edition of my tax books, J.K. Lasser’s Small Business Taxes 2015 and 1001 Deductions and Tax Breaks, are available from Amazon now!
If you’re an entrepreneur or small business owner, you’ll want to check out these useful tips for running your business in my YouTube interview with The Hartford.
