Freelance Retirement Planning: How the SECURE Act 2.0 May Impact Your Business
In 2020 the SECURE Act 2.0 was passed with some critical impacts for freelance businesses with a solopreneur owner and those freelance businesses with employees. Here are some key provisions that freelance business owners should be aware of regarding the SECURE 2.0 Act: The Act is intended to reduce the costs related to setting up and managing a self-employed retirement plan as well as those related to educating employees about their retirement plan options. Eligible employers with up to 50 employees may be able to claim a three-year start-up tax credit that equals 100% of administrative costs—up from 50%—that is