The new SECURE 2.0 law creates a band-new tax credit for small businesses that encourages retirement saving by spouses of military personnel.

Call to arms: A qualified employer with 100 or fewer employees last year is eligible for a $200 credit if a military spouse participates in a defined contribution plan such as a 401(k). Also, a credit of up to $300 is available for employer contributions to the plan made for a military spouse. Thus, the maximum total annual credit is $500 for each military spouse.

The credit may be claimed the tax year in which the spouse starts participating in the plan and for the following two years. Other rules apply, so seek professional guidance from your JMF advisor.