Robert A. Imparato, Jr CFP®

CERTIFIED FINANCIAL PLANNER™ professional

 

Craig A. Hyldahl CFP®

CERTIFIED FINANCIAL PLANNER™ professional

 

R.I.C.H. Planning Group, LLC

105 Fieldcrest Avenue, Suite #507

Edison, NJ 08837

 

Robert: 732-326-5240

Craig:   732-326-5240

Fax:     732-326-5331

 

Robert: robert@richplanninggroup.com

Craig: craig@richplanninggroup.com

Website: www.richplanninggroup.com

January/February 2018

Let's talk business Q&A

Lets talk business QA

Q:


I want to buy disability insurance for two employees. Why have I been quoted very different premiums for each employee?

A:


Insurers look at a variety of factors when determining premiums. For example, a person’s age, sex, health status and state of residence can impact premiums. In addition, insurers look at a person’s occupation/job duties to measure the risk of disability. Of course, the size of the benefit amount, the length of the benefit period and the elimination period (the period from the onset of the disability until the benefit is received) will also determine how much is charged for a policy.


Q:


Can employers claim a tax credit for the costs of setting up a retirement plan?

A:


Eligible small employers may be able to claim a tax credit for some of the ordinary and necessary costs of starting a retirement plan, such as Simplified Employee Pension (SEP) plan, a SIMPLE IRA or a qualified retirement plan. The credit amounts to 50% of eligible start-up costs for each of the first three plan years, up to a maximum credit of $500 per year. Ordinary and necessary costs are the costs to set up and administer the retirement plan as well as to educate employees about it. The credit is available only if certain requirements are met.



  • The employer must have no more than 100 employees who received at least $5,000 in compensation for the preceding year.

  • The plan must cover at least one non-highly compensated employee.

  • The employer generally cannot have had another retirement plan during the three tax years prior to the tax year in which the new plan is started.


For more information, consult your tax advisor.

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Duly registered and licensed financial professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN), offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor, and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of Utah, LLC in UT; Equitable Network of Puerto Rico, Inc.). Equal Opportunity Employer - M/F/D/V. Equitable Advisors and its associates and affiliates do not provide tax, accounting, or legal advice or services. R.I.C.H. Planning Group, LLC is not owned or operated by Equitable Advisors or Equitable Network. GE-6572038.1 (4/24)(Exp. 4/26)
CFP® and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Certified Financial Planner Board of Standards, Inc.
These marks are awarded to individuals who successfully complete the CFP Board's initial and ongoing certification requirements.
R.I.C.H. Planning Group, LLC and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

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