401K / Profit sharing keogh plan
Did you know, as a business owner, you can put up to $40,000 in pre-tax dollars into a keogh/401K account? This is one of the truly great benefits of being a small business owner. A company like Fidelity, where I do my account, has a program where you can put a percentage of your income into a retirement account with pre-tax dollars. It’s a percentage of your income up to a maximum of about $40,000.
For business owners, this is a brilliant way to shelter income and add to your owner compensation. The money is put in pre-tax and grows tax free. You do pay taxes when you take the money out for retirement.
There are tons of benefits to owning your own business but this is one of the really good ones.
Bob
By the way, Bob has asked me to be more educational in the posts I do. I hope this one fits his standards. Apparently Bob woke up on the wrong side of the bed or he’s mad his Bills are terrible. My Tennessee Titans stink too but I’m not out there yelling at people for it!
Maybe Bob should take his frustrations out at FireDickJauron.com.
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