Defined Benefits Plan
Defined Benefit plans for high income self-employed individuals, professionals, and small business owners can provide dramatic current year tax savings and future tax savings. Large, tax-deductible contributions to a personal Defined Benefit (DB) retirement plan can increase retirement savings by more than $6 million in 5-10 years.
Myth
Defined Benefit Plans are only for independent contractors, consultants, physicians, real estate agents, and sales reps.
False
A skillfully crafted Defined Benefit Plan can benefit almost any type of profitable business.
Myth
Defined Benefit Plans are expensive and inflexible.
False
A skillfully crafted Defined Benefit plan can provide a great deal of flexibility with minimal operating costs.
Myth
A Defined Benefit Plan must provide benefits for all employees.
False
A skillfully crafted Defined Benefit Plan may provide benefits that are exclusively for Owner/Employees or provide benefits that include only owners and select employees.
Myth
Defined Benefit Plans simply defer taxes.
False
It is possible to never pay income tax on funds contributed to a defined benefit plan.
Ask us about this powerful Income Tax Reduction Strategy. Annual Income Tax Deductions can be $1 Million or more. Contact Ocean Bay Tax Strategies today to schedule a consultation with our dedicated team.