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In The Market Now's the time to shop for a retirement plan. Find out which one's best for you.

By Joan Szabo

Opinions expressed by Entrepreneur contributors are their own.

There's never been a better time to establish a tax-favoredpension plan. The benefits are double-barreled for entrepreneurs.Setting up a qualified plan not only provides you with a taxdeduction for the contributions you make on your employees'behalf, but the money you contribute to your own account is alsodeductible and is not included in your taxable income untilwithdrawn. (A qualified plan meets the requirements of the EmployeeRetirement Income Security Act and the IRS Code.)

On top of that, your own contributions to your account areallowed to earn interest that's tax-deferred until you make awithdrawal. "The power of compounding with pre-tax money isvery powerful," says Ward Bukofsky, a CPA with Beverly Hills,California, accounting firm Braverman, Codron & Co.

Accountant Mark Cohen, a CPA with New York City accounting firmNewman & Cohen CPA PC, agrees. "We have some clients withseveral million dollars in their retirement plans thanks to regularretirement contributions and related tax deferralcompounding."

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