The clock is ticking if you were hoping for large tax deduction for this year. I know many business owners are frustrated with the relatively small contribution limits of their 401(k) and/or profit sharing plans. If you share that frustration, it’s time to consider adding a super-charged Defined Benefit Plan to your portfolio. Im talking about the robust models known as “Split Funded” Defined Benefit Plans. The type that have made a couple of well-known college football coaches wealthy men. Defined Benefit Plans allow business owners to contribute hundreds of thousands of dollars (depending on age and income) on a tax-deductible basis.
But time is running out. In order to lock in a sizeable deduction for 2017, business owners need to sign Plan Documents by December 31st. Contributions may be made to the plan next year (up until the time income taxes are filed), but documents must be signed by the end of the year. Think of it as your New Year’s resolution to cash in on the old year.
Want to know if you fall into the categories of our typical client profile? Law firms, medical groups, family businesses, consultants, lobbyists, real estate brokers, architectural firms, hedge fund principals, clients receiving Board of Director fees… And yes, highly paid elite sports figures are excellent prospects too. The holidays are upon us and we’ll be pouring the eggnog before you know it. Get in touch with us and let’s discuss your clients who might be a good match for these super-charged DB plans.business owners tax deductions, income tax deductions 2017, saving taxes with life insurance, split dollar defined benefit plan, Split dollar life insurance, super charged life insurance plans