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๐‚๐ก๐จ๐จ๐ฌ๐ž ๐ญ๐ก๐ž ๐‘๐ข๐ ๐ก๐ญ ๐๐ฅ๐š๐ง ๐Ÿ๐จ๐ซ ๐˜๐จ๐ฎ๐ซ ๐๐ซ๐š๐œ๐ญ๐ข๐œ๐ž: Assess your practice's size to find the best retirement plan. Solo practitioners may prefer a SEP IRA for its high contribution limits and simplicity, while larger practices might benefit more from a 401(k), which allows employee participation and profit-sharing.

๐Œ๐š๐ฑ๐ข๐ฆ๐ข๐ณ๐ž ๐‚๐จ๐ง๐ญ๐ซ๐ข๐›๐ฎ๐ญ๐ข๐จ๐ง๐ฌ: Fully utilize contribution limits to lower your taxable income. Contribute to your 401(k) up to the annual limit, and if you're 50 or older, consider catch-up contributions. For SEP IRAs, contribute the maximum percentage of your income for tax deductions.

๐‘๐ž๐ ๐ฎ๐ฅ๐š๐ซ๐ฅ๐ฒ ๐ซ๐ž๐ฏ๐ข๐ž๐ฐ ๐ฒ๐จ๐ฎ๐ซ ๐ซ๐ž๐ญ๐ข๐ซ๐ž๐ฆ๐ž๐ง๐ญ ๐ฉ๐ฅ๐š๐ง'๐ฌ: performance and contributions. Adjust based on your financial health and tax laws to maximize savings. Consulting a financial advisor can help with necessary changes.

๐„๐๐ฎ๐œ๐š๐ญ๐ž ๐ฒ๐จ๐ฎ๐ซ ๐ฌ๐ญ๐š๐Ÿ๐Ÿ: about the retirement plan's benefits. Providing resources and financial planning sessions can boost participation, improving their financial security and potentially increasing your practice's tax deductions from employer contributions.

๐‚๐จ๐ง๐ฌ๐ข๐๐ž๐ซ ๐ฉ๐ซ๐จ๐Ÿ๐ข๐ญ-๐ฌ๐ก๐š๐ซ๐ข๐ง๐  ๐จ๐ฉ๐ญ๐ข๐จ๐ง๐ฌ with a 401(k) plan to lower taxable income and incentivize employees. This strategy can improve employee retention and satisfaction while providing additional tax benefits for both the employer and staff.

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