Business

In today's competitive job market, an attractive employee benefit package is an important tool to help you recruit and retain those people that are crucial to your company's success. In addition, the tax benefits you can receive by offering your employees benefits are twofold: First, the costs of providing employee benefits can be tax deductible. Second, the value of the benefits that you provide to your employees may be tax deductible to your employees, reducing your taxable payroll. A reduction in your taxable payroll decreases your matching payments of Social Security and Medicare taxes, as well as unemployment taxes.

	Starting Your Business
	A Brecek & Young Advisor can help you determine what works best for you and your business. For example, the rules regarding employer-sponsored retirement plans are very complex and easy to misinterpret. The choices between SEP, IRA and an individual 401(k) can have a number of options regarding how those plans are designed and operated. These options can have a significant impact on the number of employees covered, the amount of contributions, and the way those contributions are allocated. Our advisors focus on how to get the most out of your investments for your retirement.
	A Growing Company
	As the business owner of a growing company you should carefully consider the advantages of restructuring your 401(k), adding additional benefit packages such as profit sharing, Key Man insurance and other defined-benefit plans. These employee incentives can provide you with a tax-advantaged method to save funds for your own retirement, while providing your employees with a powerful and appreciated benefit.
	Passing It On
	One of the important decisions a business owner must face is when and how to step out of the business - in other words, business succession planning. Do you expect to retire from your business? Do you have a plan in place? What would happen to your business if you were to die today? Do you have children you hope to bring into the business? These are questions only you can answer. When you develop a succession plan for your business you have two basic choices: you can sell your business, or you can give it away. Once you choose to either sell or gift, you can structure your plan to go into effect during your lifetime or at your death. Depending upon your particular situation, a Buy-Sell Agreement, Pension Plan, Defined Benefit Plan, Income Distribution or Stock Redemptions may be appropriate for you. The tricky part is, how do you decide? Meet with your Brecek & Young Advisor to develop your personal succession plan.