Submitted by Pat Cote on November 11, 2019
If you are a small business owner making $400K - $600K, there is a large potential tax savings that you have likely not heard about. It involves combining the new 20% QBI deduction with a cash balance/defined benefit plan.
There are many rewards to running your own successful business. The flexibility to customize a retirement plan tailored to your goals is just one of those rewards. You need a plan that works well today - and in the future as your business grows. Whether you’re a sole proprietor, LLC or S Corp, there’s an option for you.
All of the options we lay out reduce your current taxes while your assets grow tax-deferred. You’ll begin paying taxes when you take money out later in retirement, but only on the actual dollars withdrawn.