Advanced Tax Planning
Learn How to Cut Your Taxes Like a Popular Presidential Candidate
Little known but perfectly legal tax strategies for business owners
A recent WSJ article outlined how GOP Presidential Candidate Jeb Bush used a little known but perfectly legal tax-shelter defined benefit plan to reduce his taxes as he saved money for retirement.
The WSJ article states…”The strategy has allowed Mr. Bush to defer paying hundreds of thousands of dollars in income taxes since he established the plan in 2007 and rapidly build up a large retirement-plan balance.”
The WSJ then goes on to explain how this tax strategy resembles the defined benefit program of many large companies and how it can be used as a tax strategy for small business owners or self-employed professionals.
The strategy used by Mr. Bush follows the rules for traditional pension plans by allowing employers to contribute much greater tax-deductible sums than current 401(k) and SEP limits. In 2013, it reports Mr. Bush contributed $254,000 in tax deductible contributions to his pension and profit sharing plans.
At Advanced Wealth Preservation, we and our pension experts specialize in helping small and mid-size business owners and professionals evaluate their current retirement tax-savings plans and show them how they can decrease income taxes while putting more money away each year for their retirement.
If you want to learn more, contact us today for a free analysis. After all, according to the WSJ, you don’t have to be a GOP nominee with the last name of a prominent Presidential family to qualify for these “little known but perfectly legal tax strategies”.