TAX PLANNING ALERT -- QUALIFIED PLAN DEADLINE NEARS
TAX PLANNING ALERT -- QUALIFIED PLAN DEADLINE NEARS BOSTON, Dec. 18 /PRNewswire/ -- April 15th is not the only tax
deadline. The Internal Revenue Service's most recent study reports that there are over 13.7 million sole proprietorships and 901,000 partnerships in this country. Small businesses with a December 31st fiscal year-end are facing an important tax deadline -- their deadline for establishing a qulaified retirement plan for 1991.
According to Stephen Gerokoulis, director of Retirement Planning for Colonial Mutual Funds, "Time is running out for many small businesses who plan on taking advantage of the tax beneifts of establishing a qualified retirement plan for 1991. A qualified plan, such as a profit sharing, money purchase or 401(k), would lower their tax liability and provide a valuable benefit for themselves and their employees". Qualified plans must be established by the end of a company's fiscal year, but do not need to be fully funded until the actual filing date. Small business owners can receive a free Retirement Plan Comparison Chart by calling Colonial Mutual Fund's retirement department at 1-800-225-2365, ext. 4010. -0- 12/18/91 /CONTACT: William Rice of Colonial Mutual Fund's, 800-225-2365/ CO: Colonial Mutual Funds ST: Massachusetts IN: FIN SU:
DD-SD -- NE008 -- 3474 12/18/91 14:10 EST
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