It’s tax time again. Maybe you’ve already filed your taxes and you’re looking forward to receiving your refund. Or maybe you know how much you owe this year and you’re not looking forward to writing the check. If you owe a lot for 2015 and you own a business, this might be a great time to see how 401(k) Plans and Cash Balance Plans could help you manage your tax liability.
Contributions to qualified retirement plans (401(k) and Cash Balance) are tax deductible and this is typically the main reason business owners sponsor them. In addition to the tax deductibility of the contributions, qualified retirement plans give you the opportunity to increase your retirement savings and they can also help you attract and retain your best employees.
You’re likely familiar with 401(k) Plans, but you may not have heard about Cash Balance Plans. If that’s true for you, we’d be happy to review your current situation to determine whether or not a Cash Balance Plan is right for you and your business.