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| There is a tool in the box few are aware of, and that’s a defined benefit retirement plan. Can put away enormous sums of cash and deduct just like a traditional Ira. I’ve seen scenarios where a self employed business owner that’s late to the party in getting a qualified retirement plan in place could front load this plan with as much as $900,000 in first year. Or choose level contributions as high as $250,000 annually. Can even buy your life insurance inside the plan and deduct most of the premiums. What you are creating is your own private pension. If you would rather pay yourself than the suppliers, this is the plan you need. | |
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What are your year end tax avoidance strategies?
