“There are no secrets to success. It is the result of preparation, hard work and learning from failure.” ~ Colin Powell
If you are a small business owner, your business may well be your biggest assets. Beyond the value of your business, there may be ways for you to leverage your status as a business owner to save on taxes and increase the amount you are able to save. A business retirement plan can be a way for you to increase your amount of tax-advantaged savings every year and is an excellent perk to offer to attract and retain quality employees. Expenses related to a properly formed business retirement plan may also be tax deductible to the business. There are several ways you can structure such plans, and pros and cons to each approach. Plans that might fit your needs include, but are not limited to:
- SIMPLE IRA
- SEP IRA
- Safe Harbor 401k
- Profit Sharing Plans
- Deferred Compensation Plans
We can help you weigh your options and determine the plan that is the right fit for you and your business.
Raymond James, Coastline Wealth Group and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional. Coastline Wealth Group offers full service financial planning for individual and corporate accounts. Our financial planning offices are independently managed locally in Morgan City, Louisiana.