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Tax Strategies for the Small Business Owner: Reduce Your Taxes and Fatten Your Profits by Russell Fox

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Retirement Plans

I need to retire from retirement.

—Sandra Day O’Connor

As far as I know, clocks only move in one direction: forward. With every day, each of us moves toward retirement. One of the benefits of being a small business owner is the ability to tailor a retirement plan to your needs.

Of course, the Tax Code only allows some types of tax-advantaged plans. This chapter looks at those plans and the tax and retirement consequences of each.

The Basics of Retirement Plans

When I first entered the workforce years ago, most employers offered pension plans. Most pension plans are defined benefit plans. Given the contributions into the plan ...

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