Tax-Saving Tool for Small Businesses and Individuals
One of the most frustrating parts of being a small business owner is the more you make - the more taxes you pay. I have seen individuals really upset writing a large check to the IRS.
This video introduces the idea of a defined benefit plan for individuals and small businesses as a tax-saving tool.
The idea is that individuals and small business owners can defer a significant amount of money into a defined benefit plan in addition to a 401K plan, reducing taxable income.
Also, individuals that are paid as contract employees (IRS Form 1099), such as board members, coaches, or those who receive award money, may wish they could defer part of their income for retirement instead of receiving the money now at a higher tax rate. They too may be able to participate in programs to help defer some income.
If you find yourself paying a lot more taxes than you want, we may be able to work with your CPA to creatively keep some money in your pocket and out of the hands of the IRS.
Raymond James and its advisors do not offer tax advice. You should discuss any tax matters with the appropriate professional.
