Of all the retirement plans available to small business owners, the SIMPLE IRA plan (Savings Incentive Match PLan for Employees) is the easiest to set up and the least expensive to manage. The catch is that you'll need to set it up by October 1st. This article explains how a SIMPLE IRA plan works, the downsides of the plan, and how to set it up. 

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Your CPA at Sharrard, McGee & Co., PA can help you determine if the SIMPLE IRA plan makes sense for your small business. Call us today at (336) 884-0410 in High Point or at (336) 272-9777 in Greensboro.