Tax Savings Strategies

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Male Voice: A lot of small business owners don't realize how much they're missing out on tax advantage savings. You might be one of them. A tax strategy is a tool that small business owners can use to mitigate how much they pay in taxes and potentially increase how much they're saving for retirement.

An optimal tax strategy, utilizing the retirement plan can help business owners save a hundred thousand dollars or more on their taxes each year.

Fisher Investments specializes in helping business owners leverage their retirement plan to reduce their tax liability.

For example, a tax mitigation strategy we often deploy for high earning business owners is our three-layer cake strategy.

The text "$30,500" appears above the cake and then disappears.

In layer one, the owner should maximize their personal retirement plan contributions.

This is important because these contributions reduce the owner's taxable income dollar for dollar.

$76,500 appears above the cake before disappearing.

With layer two, the owner should maximize their retirement contribution they receive from the company.

This can add tens of thousands more to an owner’s retirement savings and it's a tax reducing business expense the owner gets to keep.

The text "$485,500" appears above the cake and then disappears.

With layer three, add a cash balance plan. This is done in order to defer income beyond the limits of a typical 401(k) and profit sharing plan. Contributions are tax deductible, so they reduce business taxes and personal taxes, and they grow tax deferred.

The text "Up to $135,050 in tax savings" appears above the cake and then disappears.

In some instances, this can be hundreds of thousands of dollars more retirement savings each year for the business owner.

And as I mentioned before, for some clients, they can save them a hundred thousand dollars or more in taxes each year.

Navigating this complexity takes professional guidance.

Fisher Investments 401(k) Solutions.

© 2024 Fisher Investments®. Investing in securities involves the risk of loss. Intended for use by employers and their consultants, considering or sponsoring retirement, not for use by plan participants.

Here at Fisher Investments, we have the expertise to help our clients optimize their retirement plans and achieve their goals acting in our client's best interest, so when you do better, we do better. That's the Fisher difference.

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