Advantages of a SIMPLE-IRA
Your Advantages
You benefit because a SIMPLE-IRA plan:
- Doesn't have an administration fee
- Doesn't require an annual Form 5500 filing
- Lets you deduct your contributions from taxes as a business expense
- Helps recruit and keep quality employees
Employee Advantages
Plan members benefit because a SIMPLE-IRA plan allows them to:
- Defer taxes on the amount saved and its earnings
- Build their retirement savings
- Reduce their taxable income
