If you are self-employed or own a business, a little-known but powerful retirement plan may be able to help you cut thousands of dollars off your tax bill and quickly save more for retirement. Not everyone can take advantage of this plan, but if you do qualify it can help you substantially reduce your taxes.
A Defined Benefit plan (DB plan) is an IRS-approved qualified retirement plan that allows higher tax-deductible contributions than a SEP-IRA or 401(k). The DB plan owner can significantly cut taxable his/her income and contribute larger amounts for retirement, therefore growing a substantial retirement nest egg rapidly.
Watch this short video about how a self-employed consultant can use a Defined Benefit plan to cut more than $40,000 off his taxes every year.
Can a Defined Benefit plan work for you? Schedule a meeting with us to find out: Schedule Here.
You can also call us at: 619-435-1701 or email: firstname.lastname@example.org
If you own a business with more than 10 employees, a Cash Balance plan be better suited for your needs. Read our article about how this plan can be your best tax move. And you can also read a case study about a dentist using a Cash Balance plan for his office: Case Study.