Tag employees

Did you know more than 40 percent of permanent employees lack access to an employer-sponsored retirement plan? Sadly, this has led to many retirees experiencing a tremendous decline in their living standards in their retirement. As such, not only is it vital to plan for your own retirement as an entrepreneur but also to help your employees to plan for their future.

There are lots of compelling reasons why you should start a retirement benefit plan for your employees including an increased chance of retaining and attracting qualified employees. Also, some retirement plans offer tax advantages for your business as well as for the employees.

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Throughout various stages, your startup or small business may work with independent contractors (“I.C.s”) to meet the ever-changing needs of your company. Using I.C.s allows you to pay for services, such as software/app development and sales, without the need to have a fixed employee salary or providing benefits, and thus, potentially saving your business money. However, the IRS has specific guidelines for determining if the people who work for you are I.C.s or if they are really employees.

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