Q. As an employer, I would like to offer my employees a retirement plan but am unsure of the financial requirements from my company?
A. There's no question that retirement benefits are valued by employees. With many different plans available, you are certain to find one that fits your company's budget. Your first step should be to review your business' situation and identify what your needs are. You can then shop the various plans available for one that best fits your company. Examples include profit sharing plans that allow company discretion as to the amount contributed from year to year, as well as other plans aimed at small employers with minimal administrative costs.
Q. If I use my personal automobile for my job, can I deduct any of the costs?
A. If you use your personal vehicle for business purposes other than commuting you may be able to deduct some of your vehicle costs. Generally, you have the option of deducting $0.32 per mile or the actual vehicle costs multiplied by the percent of business use.