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Business Solutions

Business solutions can require some of the most complex financial planning.  There are a few simple ways we can help reduce your tax liability with regard to tax deferral.  Below are some retirement plan types that are common for small business owners:

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Simple IRA

  • low cost to maintain, held at most mutual fund carriers

  • Traditional (pre-tax) and or Roth (post-tax) contribution options

  • no IRS filing, all contributions through payroll

  • only expense at fund company within funds

  • employee contributions and employer contributions (match or non-elective)

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SEP IRA (Simplified Employee Pension IRA)

  • easy and low cost to maintain, held at most mutual fund, annuity, or brokerage carriers

  • Traditional (pre-tax) and or Roth (post-tax) contribution options

  • only employer contributions at discretion of employer, no employee contributions

  • proportionately allocated by income of eligible participants

  • see IRS calculation for limits and eligibility

 

401k Retirement Plan

  • solo, traditional, safe harbor

  • Traditional (pre-tax) and or Roth (post-tax) contribution options

  • able to custom build a plan or use Safe Harbor streamlined plan

  • bundle with single provider or use multiple providers

  • administrator, recordkeeper, advisor

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Health Savings Account (HSA)

  • pre-tax contribution

  • tax deferral on growth

  • if used for qualified medical expenses, tax free disbursement

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Profit Sharing Plan (PSP)

  • generally high expenses and is added to a 401k plan

  • adds additional tax deferral opportunity on top of 401k limitations

  • employer discretionary contribution proportionately to eligible participants

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Defined Benefit Plan (DB)

  • generally high expenses and allows the largest income deferral of any plan

  • administrator, actuary, recordkeeper, advisor

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There are other options you may be interested in as well.

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Business Overhead (Disability and Life Insurance)

  • ablility to maintain business if loss of function occurs

 

Business Buy-Sell Agreement Funding Vehicle (Life Insurance)

  • funding vehicle if any business owner passes away to provide for a smooth transition

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