Do you know you can still cut your 2022 corporate taxable income? That’s right, 2022 isn’t completely in the rear-view mirror!
Use Defined Benefit Plans to Your Advantage
Defined Benefit Plans (DBP) are your tax-cutting secret weapon! Their high contribution limits allow more income to be sheltered from taxes. For corporations, particularly small ones or those with a group of high earners, DBPs can effectively reduce taxable income.
Leverage Cash Balance Plans
Alternatively, consider cash balance plans. As a DBP type, these plans also have higher limits that increase with age, making them attractive for older business owners looking to boost retirement savings. Significant tax-deductible contributions made to these plans can reduce your corporate taxable income for 2022.
Get Proactive with Your Tax Planning
Strategic tax planning isn’t just about minimizing this year’s liability. It’s about considering future years and reducing taxable income long-term. DBP and cash balance plans offer opportunities to reduce your 2022 taxable income and potentially for future years.
Take Action Now!
Don’t miss this chance to reduce your 2022 tax liability.
Book your assessment before the August 31 deadline!