. . . by uncovering Tax savings, I can help you “find the money” for your Family, Business, or Charity.
I specialize in Tax-qualified plans and Charitable Planned Giving. My clients are business owners, both professional and non-professional.
Many business owners have a Tax-qualified salary deferral plan, such as a SEP, SIMPLE IRA, or a 401(k). Yet, they’re uninformed about many other features that can be added to a tax-qualified plan, such as, Profit Sharing, Pension, 401(h), and Life Insurance. Taxable income can be substantially reduced producing a tax savings that can be used for “What” is important and “Why” for their business, family, or charity.
- A properly designed tax-qualified plan can retain employees: Through Profit Sharing, they feel a part of the business.
- The Pension Plan can provide income security throughout their retirement years.
- Life insurance provides an income tax-free benefit for their family.
- The 401(h) pays for out-of-pocket medical expenses that are not covered by Medicare or a Medicare Supplemental Policy. This includes premiums for long term health care insurance.
. . . but what if you don’t need you‘re 401(k) or IRA for retirement income?
There are many people who find that they do not need their tax-qualified retirement savings for income. That can simply let it grow and pass it on to their heirs and beneficiaries. However, upon reaching the age of 70 1/2, they are required to take distributions from their savings and report it as ordinary income. These are called Required Minimum Distributions (RMDs). There is an IRS Compliant distribution solution that eliminates the RMDs, and much more: Taxes can be reduced as much as 40%.
- Money can be withdrawn income tax-free.
- More money can pass to their beneficiary(ies) income tax-free.
- Structured properly, Federal Estate Taxes can be reduced or eliminated.
Charitable Planned Giving
In almost 20 years of experience, I can say that a high percentage of individuals and business owners have the desire to give, but lack professional knowledge, skills, and guidance. They’re limited to “Checkbook Philanthropy,” which doesn’t fully satisfy the hidden desires of their heart.