What Is a Qualified Retirement Plan (QRP) and How Does It Impact Taxes?

Question: What Is a Qualified Retirement Plan (QRP) and How Does It Impact Taxes?

Answer: A Qualified Retirement Plan (QRP) a pension plan for self-employed workers that allows tax deferment and other benefits. A QRP can include many types of retirement plans, including Individual IRA, Simplified Employee Pension (SEP), Solo 401(k), Self-Directed IRA (SDIRA), and more. Incorporating a QRP into your business tax strategy can save you significant tax dollars in the short- and long-term.

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