Successful small business owners earning six figures plus are frustrated by the amount of taxes they pay each year.
Some business owners have implemented 401k plans, simple IRA’s and profit sharing plans to help increase their tax deductions, but they simply are not enough for owners and partners earning $250,000 or more.
So how can you increase your tax deductions? There are a few unique retirement plans that can help you increase your tax deductions and accelerate your retirement savings.
The following candidates are a good fit for these plans.
Partners or owners who want to contribute more than $50,000 to their retirement plan
Companies already contributing 3-4% to employees, or willing to do so
Partners or owners over 40 years old who want to catch up or accelerate their pension savings
These plans can be added to an existing 401k and profit sharing plan to significantly increase the amount of money you can contribute. Depending on your income, you may be able to contribute $100,000 plus for tremendous tax savings.