My entrepreneurial clients are full of questions related to taxes. The most common one that I get is this:
Is there something I can spend money on through my business that generates a tax deduction for the company while still being excluded from my personal income?
After talking about the alternatives that might be available, we usually discuss qualified plans. Pension plan contributions are tax-deductible by the business, and the participating employee—including an owner-employee—avoids personal income tax on the front end. To continue reading, click here.