Fiduciary Is Fun!
(a.k.a. I heart taxes)
(a.k.a. I heart taxes)
While there were a number of positive changes for high income earners there were also some caps, particularly in the areas of State and Local Taxes (“SALT”).
For those individuals who might be looking at a tax bill that is larger than what was expected, the question might be asked “what can we do now?” The general answer is “not much”, but there is one area of planning that is still available post the close of the year, and that includes making profit sharing contributions to your retirement plan. There are many ways to make contributions, but for partners and LLC members, the calculation is more than a little complex to say the least. The IRS even has the 21 Step Process for calculating your earnings and your deduction in Publication 560 to make it easy for you. Suffice to say, it’s not that easy, but given the importance in getting this tax deduction contribution correct, you should consult an expert. For those of you looking to explore your tax planning options with your retirement plan and to understand how those changes will impact your personal situation, please reach out to us for a free consultation.
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