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Retirement Services & Financial Advisors​ - Serving Columbus & Beyond

Calling Doctors & Lawyers: What You Need to Know in 2019

Submitted by Life, Inc. Retirement Services on February 28th, 2019

Cash Balance 401k administration Retirement Plans For Doctors Tax Changes Tax Savings

As tax season rolls around once again, many are wondering where they can find better tax savings in the coming year. The 20% pass-through income deduction was a big one that helped many, but others do not qualify.

So what changed?

New regulations set last year by the Treasury Department have left many struggling to meet the requirements for the 20% pass-through income deduction. Some were still able to take advantage by splitting firms or practices, for example, but these new regulations have put a stop to many “workarounds.”

High-earning service professionals are working to find ways to reduce their income limits to below $315,000 if they are married, or $157,000 if single to take advantage.

So what if you don’t qualify?

A cash balance plan can help those who don’t meet the qualifications set for the 20% pass-through income deductions lower their average gross income. In fact, up to $390,000 in deductions can be saved. A cash balance plan can actually help you reduce your taxable income AND your adjusted gross income.

Is a cash balance plan right for you?

There is a lot that goes into making sure that a retirement plan fits your needs whether you are are a doctor, lawyer, business owner etc. Significant tax savings can be left on the table if you don’t take the time to understand your options. At Life, Inc. Retirement Services, we specialize in these “custom” retirement plans. We understand it isn’t a one-size-fits-all solution, and we are committed to staying on top of the changes to ensure you can take advantage of every option available to you. Set up a free consultation with us today to figure out what will be best for you in the long-run.
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2019: Contribution Limits Have Been Raised! Are You Taking Full Advantage as an Employer?

Submitted by Life, Inc. Retirement Services on February 28th, 2019

SEP IRA Simple IRA Fiduciary Advisor 401 k Plan Providers Tax benefit to Small Businesses Tax Changes Business Owner Retirement Plan

We are in the thick of tax season and many are questioning if they were able to find enough tax savings. This is a great time to start considering your savings plan for the coming year. Chances are your employees are thinking the same, so this is the time to educate them on opportunities this year.

The IRS has announced an increase in contribution limits for certain plans and we are excited. Here is what you need to know (and some food for thought):

Defined Benefit Plans: We’ve seen a few limit increases between 2018 and 2019. The limit in 2018 increased to $220,000 and to $225,000 in 2019. This can be a great plan for high earners, especially if you are self-employed!

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