TAX EXPERTISE
Are You Maximizing the Tax Benefits of Your 401k Plan?
Let us evaluate your current 401(k) plan to demonstrate potential tax savings.
Retirement plans are one of the most impactful tools a business owner has to reduce taxes, save for retirement, and create employee goodwill. That’s why you need an advisor that not only helps manage your 401(k) plan but also understands how to reduce your tax burden.
The PK Retirement team has decades of tax experience. This unique expertise allows us to design and customize a 401(k) plan tailored to your business with the goal of putting money into your pocket first, employees second, and the IRS last!
Tools & Strategies
Elective & Non-elective Safe Harbor Plans
Profit Sharing Plans
Cash Balance Plans
Case Study – Before and After a PK Retirement Evaluation
Initial Plan Design: Elective Safe Harbor
Details: Client funded employee safe harbor match and distributed remaining taxable business profit of $235,000 to owner. This resulted in $80,000 in income tax to the owner.
Redesigned Plan: Non-elective safe harbor with new comparability profit sharing plan
Details: Client funded non-elective safe harbor contribution and a profit-sharing contribution. The entire $235,000 business profit was contributed to the 401(k) plan for both the owner and employees. This saved the owner $80,000 in taxes.
*This testimonial is based upon an individual client experience and may not be representative of the experience of other customers and should not be considered a guarantee or indication of future performance or success.
Next-level retirement plan guidance to achieve tax savings:
the pk retirement “way”
Meet to discuss business goals.
Gather employee census information.
Model multiple scenarios to meet goals.
Present value-add solutions.
Hire PK Retirement as your financial advisor.
Work with recordkeeper and TPA to amend/update 401(k) plan document.
