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Retirement Planning Made Easy for Small Business Owners and Individuals

The idea of setting up and maintaining a retirement plan could appear complicated to any small business owner, but that should no longer be. The Internal Revenue Service has a CD that contains everything small business owners need to know in order to plan for their retirement and their employees' retirement as well.

Planning for retirement and investing on a retirement plan are among the most important decisions people make while they are still healthy, able-bodied and working.

Retirement Plan and the Small Business Owner

Small business owners have an important role in helping American workers prepare for their retirement by helping them invest on a plan that would give them the security they need in old age. But often, they are impeded by the complexity of the process and the lack of knowledge on how to do it. Complexity, which imposes substantial enforcement costs on them, discourages them from offering a plan -- which is voluntary on their part.

The government has recognized these impediments and is concerned that the rules governing employer retirement savings plans are made complicated more than it should be. And so it continues its thrust to reduce the complexity by providing small business owners with tools that would help them create and administer plans in an easy and efficient manner.

IRA Resource Guide in a CD

To help small businesses set up retirement plans for their employees, the Internal Revenue Service has provided a free compact disc that contains all the information these businesses need to set up and maintain Individual Retirement Arrangement (IRA) and retirement plans funded with IRAs. The CD is entitled Individual Retirement Arrangement Resource Guide for Small Business Owners and Individuals. It is also called Publication 4395. The CD was created by the office of Employee Plans under the Tax Exempt and Government Entities operating division. It contains all the information one needs to know to set a savings goal, draft a plan how to do it, and implement that plan.

Included in this CD are information on the different types of IRAs that can be provided by small business employers or started by individuals. The CD is designed so that it is easy to use and interesting. It incorporates video clips, and interactive resources to better help viewers understand concepts and processes. It contains print and electronic information from the IRA. In addition, it also has relevant information from other federal agencies. It even includes inputs on how small businesses could avoid illegal tax schemes that could threaten retirement plans.

How to Get the IRA Resource Guide

The CD can be obtained by calling the IRS's toll-free number at 1-800-TAX-FORM (829-3676) or by visiting their Web site. Request for Publication 4395. The office of Employee Plans also distributes this at various benefits conferences, and events that it sponsors.

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