There are credits that are available for both businesses and individuals who operate or participate in a retirement plan. Small businesses can receive a credit of up to $500 a year for the first three years for starting a new pension plan, and individuals can receive up to a $2,000 credit each year for contributing to a pension plan.
2010 Year-end Tax Planning Presents Unique Challenges
As the end of 2010 quickly approaches, individual taxpayers should start to execute valuable year-end tax strategies.