We help business owners who are looking for tax deductions because they are now facing tax liabilities from successful business profits. One of the greatest deductions out there is a business retirement plan because the money goes into their pocket vs another company, i.e. equipment purchase, supply purchase.
A Simple (short for saving incentive match for employees) IRA is an employer-sponsored retirement plan. This option is typically best for small businesses that have 100 or fewer employees as it is more affordable than a 401k.
A 401k is a company-sponsored retirement account that allows eligible employees of said company to save and invest for their own retirement on a tax deferred basis. In a traditional 401k, employee contributions reduce their income taxes for the year they are made, but their withdrawals are taxed. Additionally, companies can choose whether or not to match contributions.
A profit-sharing plan is a retirement plan that gives employees a share in the profits of a company. Under this plan, the employee receives a percentage of a company’s profits based on its quarterly or annual earnings.
A cash balance pension plan is a pension plan with the option of a lifetime annuity. These plans allow participants to receive a set percentage of their yearly compensation plus interest charges.
Simple IRAs - 401Ks - Profit Sharing - Cash Balance Pension Plans