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November 10, 2016

Frazer LLP

Hi There,

Saving for retirement can be tough if you’re putting most of your money and time into operating a small business. However, many retirement plans aren’t difficult to set up and it’s important to start saving so you can enjoy a comfortable future.

So if you haven’t already set up a tax-advantaged plan, consider doing so this year.

Note: If you have employees, they generally must be allowed to participate in the plan, provided they meet the qualification requirements.

Here are three options:

  1. Profit-sharing plan. This is a defined contribution plan that allows discretionary employer contributions and flexibility in plan design. You can make deductible 2016 contributions as late as the due date of your 2016 tax return, including extensions — provided your plan exists on Dec. 31, 2016. For 2016, the maximum contribution is $53,000, or $59,000 if you are age 50 or older.
  2. Simplified Employee Pension (SEP). This is also a defined contribution plan that provides benefits similar to those of a profit-sharing plan. But you can establish a SEP in 2017 and still make deductible 2016 contributions as late as the due date of your 2016 income tax return, including extensions. In addition, a SEP is easy to administer. For 2016, the maximum SEP contribution is $53,000.
  3. Defined benefit plan. This plan sets a future pension benefit and then actuarially calculates the contributions needed to attain that benefit. The maximum annual benefit for 2016 is generally $210,000 or 100% of average earned income for the highest three consecutive years, if less. Because it’s actuarially driven, the contribution needed to attain the projected future annual benefit may exceed the maximum contributions allowed by other plans, depending on your age and the desired benefit. You can make deductible 2016 defined benefit plan contributions until your return due date, provided your plan exists on Dec. 31, 2016.

Contact us in Brea, 714.990.1040 or Visalia, 559.732.4135, if you want more information about setting up the best retirement plan in your situation.



Gather your dairy management team and attend our complimentary webinar:

How Do World Markets Impact My Dairy?
Wednesday, November 16, 2016
2:00-3:00 p.m. Pacific

The volatility in the dairy industry is scary and unpredictable. It’s more important than ever for you to understand your financial position and project future revenue in order to make smart decisions. Attend this webinar and learn:

  • How to interpret your dairy’s financial statement.
  • How to manage risk using forecasts, projections, and budgeting.
  • How to apply this information to make informed, smart choices for your dairy.

Presented by Frazer, LLP, the leading dairy accounting and consulting firm and author of the top industry source of relevant dairy statistics – Dairy Farm Operating Trends – High Ground Dairy Risk Management and Commodities Plus, you will leave this webinar with a better understanding of how world markets impact your dairy and what you can do about it.

Register Today!



November 17, 2016
Take Advantage of Tax Credits

Are you aware of research and development (R&D) incentive programs? Are you taking full advantage of the R&D Tax Credit? Attend this webinar and learn about the broad range of common construction industry practices that qualify for the credit and how to claim the credits you deserve.

Presented by:


Frazer LLP | 135 S. State College Blvd., Brea, CA
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