Tax legislation passed in the mid-1990s limited annual contributions to qualified retirement plans, restricting the ability of business owners, professionals, and key highly compensated employees (HCEs) to save for retirement on a tax-favored basis. To help assure adequate retirement income, there are a number of nonqualified alternatives, including the traditional deferr
Business owners have a tremendous opportunity to generate significant rewards from a business in which they have invested heavily. However, as with any opportunity with the potential for great rewards, there are great risks, many of which have the potential to create a serious financial hardship on a business.
With rates as low and competitive as they have ever been, it’s as close to a “buyers” market in life insurance as you’ll see. Still, with a goal to be as efficient as possible with financial resources, curbing all costs and expenses is a priority for most people, and buying life insurance is no different.
Successful entrepreneurs invest a great deal of time and effort building their companies. With the day-to-day demands, it is often difficult to imagine selling or stepping down from your business. But in order to help build financial security for your future, minimize estate taxes, and ensure business continuation, it is important to plan ahead.
Most business that desire to help their owners and employees, find their budgets strained by spiraling medical insurance premiums. One solution, the Health Savings Account (HSA), which was created as part of the 2003 Medicare Act, is a relatively affordable—and tax efficient—alternative to traditional managed-care group plans.