Did your clients file their corporate tax extension?
If so, they are in the perfect position to start up a retroactive Cash Balance or Profit Sharing plan for 2023. This is a great opportunity to take advantage of additional tax savings and build up your client’s retirement savings.
To get started, follow these steps:
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Partner with Experts
Contact Trinity Pension Consultants who specialize in plan design to walk you through the process.
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Evaluate Tax Benefits
Review your client’s preliminary 2022 tax return to evaluate the potential tax benefits and savings associated with setting up a Cash Balance or Profit Sharing plan.
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Tailor the Plan
Decide on the type of plan that best suits your client’s business needs. Cash Balance plans are typically better suited for smaller businesses with fewer employees, while Profit Sharing plans can be a good option for larger businesses with more employees.
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Ensure Compliance
Work with our in-house Actuarial team and administrators to start up the plan and ensure that it is compliant with all applicable laws and regulations.
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Seize the Opportunity
With the groundwork laid, it’s time for action. Your clients can make contributions to the plan for 2023 before the extended tax deadline, maximizing tax deductions and securing their financial future simultaneously.
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By leveraging a retroactive Cash Balance or Profit Sharing plan, your clients can unlock substantial tax savings, potentially saving them thousands of dollars.
Contact Trinity Pension Consultants at 877.206.6290 to start the process today!
About the author
Heather Craigg