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Business Benefits Consulting
We are well versed in identifying which benefits are suited best for business owners and employees. We routinely consult with owners on how to maximize their wealth building with business benefits while minimizing their tax exposure.
Also, benefits help owners retain employees. We consult with owners on how they can provide benefits to attract and retain key employees. We show the cost-benefit analysis of various plans and often show how they are less expensive that expected.
We thoroughly understand how to start, operate, and administer various benefits. Along with Grigg Wealth Management, we can show owners how establish the IRS required documentation to create plans, administer them, and manage the portfolio if needed.
Benefits include, but are not limited to:
- Company retirement plans
- Company group health
- Company health reimbursement accounts
- Company supplemental benefits such as dental, vision, supplemental insurance
- Company group term health
- Educational benefits
Contact us today to see how we can help.
Business Benefits Consulting FAQs
What should I consider when choosing a retirement plan for my single owner S-corporation?
Things to consider include, but are not limited to:
How much profit do you have?
Have you created a budget to determine how much available cash there is to fund the plan?
What does your personal tax return show and how much tax will you save to offset funding of the plan? Since an S-corporation is a flow-through entity, the tax benefits of most retirement plans will be controlled by the personal return.
What is your retirement time horizon?
Do you want loan provisions to create a self-lending tool?
Can I participate in a SEP plan and make tax-deductible traditional IRA contributions to my SEP-IRA?
Yes. If the SEP-IRA permits non-SEP contributions, you can make regular IRA contributions (including IRA catch-up contributions if you are age 50 and older) to your SEP-IRA. The amount you can contribute is limited to the annual Traditional IRA limits issued by the IRS.
Comment: The amount of the regular IRA contribution that you can deduct on your income tax return may be reduced or eliminated due to your contribution to the SEP plan.
Source: IRS