To make it more affordable for small businesses to offer a 401(k) benefit to employees, the Internal Revenue Service (IRS) offers a number of tax credits. In fact, businesses that start a new 401(k) plan may be eligible for up to $16,500 in credits over the first three years, with additional credits available for making employer contributions for up to five years.¹ However, knowing which tax breaks a business qualifies for can be complicated and time consuming – often resulting in credits that are never claimed.

In an effort to make it easier for businesses to claim the credits they’re eligible for, MainStreet is offering Guideline's customers help with identifying retirement-related tax credits for free.² Here’s how to take advantage of this benefit and what the offer entails.

MainStreet is a tax credit platform that makes it easy for businesses to claim eligible tax credits. Rather than having to decipher which tax benefits you may be eligible for, the MainStreet technology uses AI to scan the 77,000 pages of tax code and determine which ones may apply.

While MainStreet does not file taxes, they help identify credits and prepare the paperwork to include in your annual tax filings. For more information on MainStreet, please review their FAQ.

Typically, when businesses identify the tax credits they’re eligible for, MainStreet takes a percentage of the funds after the credits have been claimed. For Guideline 401(k) plan sponsors, however, MainStreet is waiving their fees for the identification and form preparation of 401(k)-related tax credits.

MainStreet will also automatically check to see what other tax credits you might be eligible for. Should you choose to move forward with those services, their standard fees will apply. You can, however, opt out of the other claim paperwork to avoid any additional service fees.

There are two ways to access this exclusive offer:

Please note, this discount is not available on MainStreet’s main website. You must access the offer using the methods above.

The free 401(k) claim service is exclusive to Guideline but MainStreet partners with other companies to offer discounts. If you qualify for multiple offers, contact MainStreet to learn how they can be applied to your services.

If tax returns have already been filed, you may be able to file a superseding return as long as the tax deadline (or extension, if applicable) has not already passed. After the deadline, some credits may be claimed on an amended return but others cannot.

We recommend speaking to your financial advisor, tax attorney, or accountant about the benefits and risks of amending a tax return past the IRS deadline. If you have decided to file for applicable credits on an amended return, MainStreet will work with you.

You can learn more about MainStreet on their website or FAQ page. If you have specific questions about their services or offers, please contact their support team directly for assistance.

This information is general in nature and is for informational purposes only. It shouldn’t be used as a substitute for specific tax and/or legal advice that considers all relevant facts and circumstances. Tax laws and regulations are complex and subject to change. You should consult a qualified tax professional before relying on this information.

¹ Please consult a tax professional to determine what types of tax credits or deductions your company is eligible to claim.

² MainStreet is offering these services to Guideline new and existing plan sponsors for free for a term of one year, after which the sponsor will be required to pay MainStreet's standard rates. The one-year term begins when a Guideline plan sponsor signs up with MainStreet. Therefore, each sponsor will be entitled to these free services for the first 12 months of their service contract with them. This offer is subject to change at any time.

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