Finance

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

Grow Your Business at Entrepreneur LIVE! Join us on Nov. 16 in Brooklyn, NY, to learn from legends like Danica Patrick and Maria Sharapova, pitch our editors, meet with investors, and potentially walk away with funding!
Register here

One-on-one online sessions with our experts can help you start a business, grow your business, build your brand, fundraise and more.
Book Your Session

Whether you are launching or growing a business, we have all the business tools you need to take your business to the next level, in one place.
Enroll Now

Latest on Entrepreneur

My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.