Marcel V. Kuper
                   CPA - PFS - CFE

500 W Palatine Road - Wheeling,  Illinois 60090 - (847) 215-8630 - Fax: (847) 215-8632

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Profit Sharing Plans, Profit Sharing Plan Information. Company Sponsored Employee Profit Sharing Plans, Profit Sharing Plan Information, Profit Sharing Plans

Profit Sharing Plans, Profit Sharing Plan Information. Company Sponsored Employee Profit Sharing Plans, Profit Sharing Plan Information.

Profit Sharing Plans, Profit Sharing Plan Information. Company Sponsored Employee Profit Sharing Plans, Profit Sharing Plan Information.

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Life Time Planning, Inc., Profit Sharing Plans

Profit Sharing Plans

Company Sponsored Employee Profit Sharong Plans

Profit Sharing Plans

Most employers realize the value of having a retirement plan.  Such plans can save the employer income taxes, increase employee satisfaction and productivity, and provide a means to recruit and retain qualified employees, as well as enhance retirement benefits.  Choosing the right plan, however, involves careful decision making.  Each plan type has it's advantages, this page outlines profit sharing plans.

Profit Sharing Plans

Profit sharing plans are highly popular, and for good reason.  They offer the most flexibility when it comes to making contributions.  Company contributions may be determined by a formula written into your plan or at at the discretion of your board of directors or other governing body.  For Example:

Profit Sharing Plans, Profit Sharing Plan Information. Company Sponsored Employee Profit Sharing Plans, Profit Sharing Plan Information.  You can provide that yearly contributions will equal a certain percentage
of profits.  If the company makes no profit, no contribution is required that year.
Profit Sharing Plans, Profit Sharing Plan Information. Company Sponsored Employee Profit Sharing Plans, Profit Sharing Plan Information.  You can provide that contributions be made only if profits exceed
specified amounts.
Profit Sharing Plans, Profit Sharing Plan Information. Company Sponsored Employee Profit Sharing Plans, Profit Sharing Plan Information.  You can let your board of directors review the company's financial
position each year and make plan contributions at it's discretion.

Low profits don't mean you can't make a contribution.  A profit sharing plan can include an option allowing your company to make contributions even if the company doesn't produce a profit.

Profit sharing contributions are generally allocated to employees according to compensation.  You may contribute up to 25% of an employees annual compensation or $30,000 (whichever is less).  However, the amount you may deduct on your company's income tax return is limited to 15% of the total yearly compensation paid to all employees participating in the plan.  Most employers limit contributions to 15% of compensation.

Note that the tax law places a limit of $ 160,000 on compensation that may be considered in determining contributions to a retirement plan.  Thus, the dollar limit on deductible contributions to a profit sharing plan is, in effect, only $ 24000.

The amount of benefits an employee will receive from a profit sharing plan depends on several factors.  First and foremost is the company's profitability.  Since the company contributions are dependent on profitability, a profit sharing plan can be a strong incentive for employees to perform well.

The other factors include the number of years an employee has participated in the plan, the plan's investment performance, and the amounts fortified by employees who leave before becoming entitled to the full value of their accounts.

Profit Sharing Plan Examples

Profit Sharing Plans, Profit Sharing Plan Information. Company Sponsored Employee Profit Sharing Plans, Profit Sharing Plan Information.  Money Purchase Pension Plans
Profit Sharing Plans, Profit Sharing Plan Information. Company Sponsored Employee Profit Sharing Plans, Profit Sharing Plan Information.  401(k) Salary Deferral Plans
Profit Sharing Plans, Profit Sharing Plan Information. Company Sponsored Employee Profit Sharing Plans, Profit Sharing Plan Information.  Defined Benefit Pension Plans
Profit Sharing Plans, Profit Sharing Plan Information. Company Sponsored Employee Profit Sharing Plans, Profit Sharing Plan Information.  Simple Employee Pensions (SEP's)
Profit Sharing Plans, Profit Sharing Plan Information. Company Sponsored Employee Profit Sharing Plans, Profit Sharing Plan Information.  Savings Incentive Match Plan (Simple)
Profit Sharing Plans, Profit Sharing Plan Information. Company Sponsored Employee Profit Sharing Plans, Profit Sharing Plan Information.  Employee Stock Ownership Plans (ESOP's)

More Questions & Answers

How can you be sure what is the best plan for your company?  Who should design your plan?  How do you go about implementing a plan?  What about securing IRS approval?

We can answer these and many other questions you may have about employee benefit planning.  We welcome the opportunity to help you reach your goals.

For more information please feel free to browse around our web site.  We are always happy to answer any questions, or to schedule a consultation contact:
Email Us or call us at 847-215-8630.

 

 

 

Profit Sharing Plans, Profit Sharing Plan Information. Company Sponsored Employee Profit Sharing Plans, Profit Sharing Plan Information.

Profit Sharing Plans, Profit Sharing Plan Information. Company Sponsored Employee Profit Sharing Plans, Profit Sharing Plan Information.

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  Profit Sharing Plans, Profit Sharing Plan Information. Company Sponsored Employee Profit Sharing Plans, Profit Sharing Plan Information.
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Profit Sharing Plans, Profit Sharing Plan Information. Company Sponsored Employee Profit Sharing Plans, Profit Sharing Plan Information, Profit Sharing Plans

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Nothing on this web site should be construed as providing specific financial, investment, insurance, business, tax or legal advice.  You should consult with a CPA, accountant, tax advisor, insurance representative, or legal counsel prior to making such decisions.  We do not collect, sell, trade or distribute any personal information, of visitors to this web site.  If you choose to email Marcel Kuper at Life Time Planning, Inc. for further information, any information you disclose will be treated as confidential.

M.V. Kuper P.C.

500 W Palatine Road Wheeling,  Illinois 60090

(847) 215-8630  Fax: (847) 215-8632

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