11th Hour Tax-Saving Tips, Part 1

The first of 5 ways to save on your taxes: Contribute to a retirement plan.
1 min read
Opinions expressed by Entrepreneur contributors are their own.

Make tax-deductible contributions to an employer-sponsored retirement plan. If your business doesn't have one, create one. Tax-deductible contributions made by your business to an existing employer-sponsored retirement plan can be made up until the due date of your business's tax return, including extensions. And if your business doesn't have a retirement plan in place, you can set one up. A 401(k) plan, or a Keogh Plan, must be in place by the end of the current tax year. A Simplified Employee Pension Plan (SEP) must in place by the due date of your business's current year tax return, including extensions.

SOURCE: Ask the Experts

More from Entrepreneur

Get heaping discounts to books you love delivered straight to your inbox. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.

Latest on Entrepreneur