Own a Business & Want Lower Taxes?

Own a Business & Want Lower Taxes?

| November 05, 2019

If you own a business, even as a side business while also an employee of someone else, you can deduct significant amounts of income by contributing to a retirement plan.  Whether or not you have w-2 employees, there's a low cost plan you can implement.  However, if you don't have w-2 employees then costs drop all the way to $0 and contribution limits sky rocket with an Individual(k).

In 2019, Individual(k) plans allow for deferrals of up to $19,000 of pretax income plus additional profit sharing contributions based on a percentage of self-employed earnings. Here’s how Individual(k) plans outpace the competition1:

Let's talk about your circumstances if you own a business of any kind.  We suspect you'll be able to reduce your tax burden significantly!

If you're a tax professional with self-employed clients, make sure they have a discussion with us to review their retirement plan needs.  It's highly likely we'll be able to reduce their costs and taxes.