My small business is about to graduate from being a home-based business to moving into a small commercial office space and hiring its first employee(s).
In 2004 and 2005, the business had exceptionally good years and we maxed out our Keoghs. 2006-2009 saw big revenue declines, so I only needed to take a minimal salary.
Now going forward in 2010, what should I be thinking about with regard to these Keoghs and hiring the first employee(s)?
I'm relatively certain that it would be a long time before the business could afford to contribute to a Keogh for its employees... certainly nothing along the lines of what I did in 2004 and 2005.
And in the whole scheme of things, at least for my situation, it's probably much more important to be able to contribute to employee health insurance costs.
What are the rules regarding owner vs. employee Keogh participation?