Tax deductions are great. But you have to make sure they’re legal. In my new article, I’ll tell you about Dr. Elick who wanted to create fat deductions but made a devastating error that cost him dearly. You see, he created an Employee Stock Ownership Plan (ESOP) to maximize his deductions, and also created a management services corporation to provide services to his … [Read more...]
Retirement
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The dangers of a “Self-Directed” IRA
Are you thinking of investing in a “self-directed” IRA? If you are, here are two words of advice… “Watch out!” You see, unlike a regular vanilla IRA, a self-directed IRA allows you to invest in all kinds of nontraditional assets like apartments, duplexes, equipment leasing, first and second mortgages, limited partnerships, commercial paper, and more. The result? It’s … [Read more...]
Inheriting an IRA? Here’s how to slash your tax bill
Ben Franklin once said "Nothing is sure but death and taxes.” Ben was certainly right about death, but he was (understandably) unaware of some recent, money-saving changes in the tax law. You see, if your spouse dies, and you inherit his or her IRA, you can now get some welcome relief from heavy taxes. Want to find out how to handle an inherited IRA the smart way? Don’t … [Read more...]
How to design a retirement plan when you have employees
Let’s face it. When you have employees working for you, your retirement-plan design strategy can get pretty complicated. You have to decide how to maximize your own benefits and whether or not to provide retirement plans for your employees too. Sounds complicated but don’t lose heart. You do have some really good options. And we’ll outline six of them for you when you read … [Read more...]
How to choose the right retirement plan
You may not be retiring for many years, but now is the time to ask yourself a vitally important question… “Which retirement plan makes the best sense for me?” The problem is, there are so many alternatives, you may be confused about which plan design to choose. Should you go with a 401(k)? A profit sharing plan? A defined benefit plan? A SEP or SIMPLE IRA? If you’re … [Read more...]