Business Owners…The Biggest Problems You’ll Have When Trying To Grow Your Business, Maximize Your Profits & Slash Your Taxes
Growing and running a successful business is not easy. There are always a plethora of things to do that needed to have been done yesterday. Between getting more clients and customers; fulfilling orders; hiring, training and managing your employees; dealing with vendor’s; etc. it can be overwhelming at times.
So it’s very easy to put your personal and financial needs at the bottom of your ‘to do list’. Yet as you’ve probably learned by now, putting off important financial matters always winds up costing you money! In the blink of an eye, new government regulations go into effect, taxes increase, wages increase, account receivables increase, operating expenses increase, profit margins decrease and more. Don’t feel bad, you’re not alone. This happens to 1,000s of small business owners.
You Can Laugh At Money Worries — If You Follow This Simple Plan
So what things can you do as a small business owner so you’re not making mistakes that may cause you to overpay your taxes, eat up your savings and investments and ultimately cause you not to have enough to retire on? Well the answer is simple.
At this point in your life, you to focus on saving as much money as possible on your taxes now so you can redirect that saved money into investments that grow tax deferred. When you retire, you draw this money tax free.
Also, any investments that you have should be looked and reviewed by a competent and experienced financial advisor to make sure that you’re on target to accomplish your intended financial and personal goals. If your life plan involves early retirement, you should begin to become more conservative in your investments and focus more on protecting what you have already accumulated. At Bill Kinder & Associates, we can help you accomplish all of this and more.
Next, with all the complications of the ever changing tax code, the affordable care act and compliance issues, you have more and more to deal with than ever. We design programs and plans that lower your tax liability and help minimize the cost of your employee benefits. This frees up even more money for you to fund investments and fund retirement benefits for you and key employees.
Demanding? Hard to Please? Like To Ask A Lot Of Questions?
Then I’m The Financial Advisor For You
With over 35 years experience, both in retirement and estate planning, we have a unique perspective on positioning your money, using unique tax planning strategies to minimize your taxes owed, protecting your assets and enjoying a great quality of life now and during your retirement. At Bill Kinder & Associates, we also help to ensure that you can generate a tax free income for life and that you don’t outlive your income. Our firm focuses on personalized ‘Peace of Mind Planning’ and helping you reach your goals.
We even address estate planning issues which could impact your retirement savings during your retirement years as well as your ability to pass on your estate to your children and grandchildren. If you need wills, trusts and deeds prepared, don’t worry, we’ll assist you with these as well.
Client Case Study
His Situation: Tom owned a small business franchise and had been in business for a few years. He found himself paying a lot of income taxes and had not been able to put away much money for his own retirement.
His Challenge: Find a way to help Tom save some money on taxes and be able to fund a meaningful retirement benefit for his employees and himself.
Our Solution: We had a discussion about setting up a 401k Plan. Tom’s concern was that the amount of the contributions that his company would be required to make under an employee matching scenario, would not allow him a reasonable contribution for himself. We discussed setting up a Safe Harbor 401k matching for employee deferrals. Tom’s annual payroll, not including him was $300,000. Under the safe harbor rules, the company would be required to match 100% of the first 3% deferred and 50% on the next 2% deferred.
This meant the maximum matching amount that Tom’s company would have to pay would be $12,000, which would allow him the maximum deferral of $18,000. He would also be allowed a $5,500 make up contribution because he is over age 50. He would also get the employer match of $8,000. All of these contributions would be tax deductible! There would be an additional TPA administration expense of approximately $1,000. Total deduction of $44,000 resulting in tax savings of $15,575 in a 35% tax bracket!
His Outcome: Tom has been able to put a way $31,500 for himself on a tax-deductible basis with an after tax cost to the company for the other employees and administration expense of $8,450. Tom’s goal was met and his employees are happy that they now have a retirement plan.
Want to know more about how we can help you better your current financial position and plan for a comfortable retirement? Call now for your FREE ‘WISE Money’ Consultation – (304) 250-0250