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Fortune Small Business:
Wednesday, February 20, 2008
Like many successful business owners, Bob Johnson, founder and CEO of Johnson Insurance & Financial in McKinney, Texas, was hungry for juicy tax breaks. He found some - more than $200,000 in just three years - in an unlikely place: the old-fashioned defined-benefit pension plan. "It's amazing how much you can save, and it gives you a great tax deduction," he says...
The New York Times:
Wednesday, November 14, 2007
Benefits in a Pension, for Now and Beyond
FOR a long time, owners of small businesses have been able to put more income into a pension plan than salaried employees can, deferring tens of thousands of dollars in taxes. Gradual changes in the tax law and the advent of simpler ways to maximize contributions have sweetened that perk, especially for small-business owners who can afford to divert more of what they make into pensions...
Investment Advisor
A DB Plan Partner for Small Businesses
While defined benefit plans are now almost extinct in the large corporate space, they're alive and kicking in America's small business world, according to Karen Shapiro, co-founder and CEO of San Mateo, California-based Dedicated Defined Benefits Services, where Shapiro says they make perfect sense.
Planner
Defined Benefit Plans: A Tax Strategy for High-Income Baby Boomers
"While the press decries the demise of large corporations' defined benefit (DB) plans, the opposite trend is occurring in DB plans for small businesses. For many baby boomers now in prime earning years, a DB plan can significantly increase annual tax deductions, add $1 to $2 million in retirement assets over the next 5 to 10 years, and even accelerate the date of retirement."
Lisa Dummer and Karen Shapiro
InvestmentNews Weekly®
Firm aims to make DB plans a product advisers can sell
"A lot of the tax code changes have made the defined benefit plan really attractive to small business, and we're finding an appetite from financial planners, financial advisers and CPAs."
Karen Shapiro
Silicon Valley/San Jose Business Journal
Keeping up with IRS code can be taxing, profitable
Effective for 2006 and 2007 only, taxpayers over 70 and a half years old who are required to take a withdrawal from their IRA account -- and thus pay taxes on the income -- can distribute up to $100,000 from the account to qualified charities.
Investment Advisor Magazine Features OnePersonPlus®
The February 2004 issue of Investment Advisor magazine encourages successful financial advisors to consider opening a OnePersonPlus defined benefit plan.
"DB plans can act as great catch-up vehicles for older professionals who've failed to sock away enough for retirement."
Melanie Waddell
Financial Services Journal: May 2004
Relieving Client Pain: The After Tax-Season Sales Opportunity
by Art Leaffer
This is the time of year when small business owners and the self-employed writhe in pain as they write big checks to the IRS. Like all traumatic events, this one will stick with them for a while but then the pain will slowly dissipate — until next year. But while the pain lasts, they want relief. (Read Article)
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