Right through the end of the year, you can set up a profit-sharing-only plan for 2018 and then add 401(k) to it later for next year. And if you act quickly, you may even be able to have a new 401k plan for 2018. There are several options available, including plans without Safe Harbor that still may allow business owners and Highly Compensated Employees to make large employee deferrals. Depending on your goals and all the details, participants could be allowed to make a large after-tax contribution that can be rolled into a Roth IRA.

With so many possibilities available, give us a call to determine what you can do before the end of the year. We’re here to help!