Over the years, the tax loopholes better available to businesses have been slowly eroded. However, a very important tax provision remains that can benefit business owners very richly. This area is retirement planning.
There is a large array of potential retirement plans available to a business owner in depending on the demographics of your business and of an extent that you want to involve your employees you can arrange it that a substantial amount of money is put into a retirement account in your name would grow tax deferred until you draw it out in retirement.
Another benefit of a well-designed employee benefit plan is creating “golden handcuffs” that serves as an incentive for key employees to stay at the Company.
At Impart Financial, we help business owners understand the pros and cons of various retirement plans, and help them pick the one that is best suited for their corporate structure, and employee demographics.