Self-Employed? You Could Be Saving Thousands on Your Taxes
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Self-employed professionals have a high-impact retirement tool, called a defined benefit plan, that could allow them to save thousands on taxes every year and boost their retirement savings.
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Self-Employed? You Could Be Saving Thousands on Your Taxes
- 1. Would you like to cut your tax bill and boost your retirement savings? Self-Employed?
- 2. A powerful, but little known retirement plan can help.
- 3. A powerful, but little known retirement plan can help. Let's examine how it works.
- 4. Let's look at a case of two brothers
- 5. Let's look at a case of two brothers Mike: 55 years old Is an ER Physician Earns $400,000 per year
- 6. Let's look at a case of two brothers Mike: 55 years old Is an ER Physician Earns $400,000 per year 55 years old Is a Radiologist Earns $400,000 per year Mark:
- 7. Taxes Paid: $120,000 Let's look at a case of two brothers Mike: 55 years old Is an ER Physician Earns $400,000 per year 55 years old Is a Radiologist Earns $400,000 per year Mark:
- 8. Taxes Paid: $120,000 Let's look at a case of two brothers Mike: 55 years old Is an ER Physician Earns $400,000 per year 55 years old Is a Radiologist Earns $400,000 per year Mark: Taxes Paid: $70,000
- 9. Taxes Paid: $120,000 Let's look at a case of two brothers Mike: 55 years old Is an ER Physician Earns $400,000 per year 55 years old Is a Radiologist Earns $400,000 per year Mark: Taxes Paid: $70,000 Why the difference?
- 10. Mike likes to do his own taxes, investing and financial planning. Mike
- 11. He knows it's important to save for retirement, so he started a SEP-IRA and contributed the limit of $57,000. Mike likes to do his own taxes, investing and financial planning. Mike
- 12. He knows it's important to save for retirement, so he started a SEP-IRA and contributed the limit of $57,000. Mike likes to do his own taxes, investing and financial planning. Mike After his SEP contribution, he paid roughly $120,000 in taxes.
- 13. Mark Mark wanted to take managing his investments and financial planning off his own plate, so he sought. the advice of a financial advisor.
- 14. Mark Mark wanted to take managing his investments and financial planning off his own plate, so he sought. the advice of a financial advisor. He found out he could start a Defined Benefit plan (DB plan) - a qualified retirement plan for self-employed professionals - and contribute. $200,000 to the plan.
- 15. He found out he could start a Defined Benefit plan (DB plan) - a qualified retirement plan for self-employed professionals - and contribute. $200,000 to the plan. Mark After this contribution, he paid roughly $70,000 in taxes, saving $50,000 in taxes compared to his brother. Mark wanted to take managing his investments and financial planning off his own plate, so he sought. the advice of a financial advisor.
- 19. Taxes Paid: $120,000 So, let's summarize: Mike SEP-IRA: $57,000 Potential Plan Value in 10 Yrs: $800,000 *Potential value assuming contributions every year and 5% growth
- 20. Taxes Paid: $120,000 So, let's summarize: Mike Mark SEP-IRA: $57,000 Potential Plan Value in 10 Yrs: $800,000 DB Plan: $200,000 *Potential value assuming contributions every year and 5% growth
- 21. Taxes Paid: $120,000 So, let's summarize: Mike Mark Taxes Paid: $70,000 SEP-IRA: $57,000 Potential Plan Value in 10 Yrs: $800,000 DB Plan: $200,000 *Potential value assuming contributions every year and 5% growth
- 22. Taxes Paid: $120,000 So, let's summarize: Mike Mark Taxes Paid: $70,000 SEP-IRA: $57,000 Potential Plan Value in 10 Yrs: $800,000 DB Plan: $200,000 Potential DB Plan Value in 10 Yrs: $2.6M *Potential value assuming contributions every year and 5% growth
- 23. Is a Defined Benefit Plan Right for You?
- 24. Is a Defined Benefit Plan Right for You? Do you make at least $100,000 per year in self-employment income from a sole proprietorship, LLC, S-Corp or side income?
- 25. Is a Defined Benefit Plan Right for You? Do you make at least $100,000 per year in self-employment income from a sole proprietorship, LLC, S-Corp or side income? Do you have 0 - 20 employees?
- 26. Is a Defined Benefit Plan Right for You? Do you make at least $100,000 per year in self-employment income from a sole proprietorship, LLC, S-Corp or side income? Do you have 0 - 20 employees? Are you 40 or older?
- 27. Is a Defined Benefit Plan Right for You? Do you make at least $100,000 per year in self-employment income from a sole proprietorship, LLC, S-Corp or side income? Do you have 0 - 20 employees? Are you 40 or older? Are you willing to contribute more than the 401(k) or SEP-IRA limit annually?
- 28. Is a Defined Benefit Plan Right for You? Do you make at least $100,000 per year in self-employment income from a sole proprietorship, LLC, S-Corp or side income? Do you have 0 - 20 employees? Are you 40 or older? Are you willing to contribute more than the 401(k) or SEP-IRA limit annually? YES?
- 29. Let Us Help You Find Out How Much You Can Save
- 30. Orion Capital Management LLC is an independent, fee-only, Registered Investment Advisor. We specialize in customized investment management and financial planning. We help successful business owners and self-employed professionals with comprehensive, cost-effective strategies to reduce their tax bills and jump-start their retirement savings. Who is Orion? Founded Orion Capital Management LLC in Coronado in 2002 Chartered Financial Analyst (CFA) Former U.S. Naval Flight Officer aboard P-3 Orion MBA, Darden School of Business, University of Virginia (1998) B.A., Hamilton College (1989) Peter Thoms, CFA Founder & Portfolio Manager Jefferson Rotherham, CFP® Director of Financial Planning Certified Financial Planner (CFP®) Broad experience in retirement and tax planning Retired U.S. Navy, Explosive Ordnance Disposal/Special Operations M.S., Advanced Financial Planning, Golden Gate University B.S., Southern Illinois Universitywww.OrionCapitalMgmt.com
- 31. Let Us Help You Find Out How Much You Can Save Email us: thoms@orioncapitalmgmt.com Call us: 619.435.1701 Take 2 minutes to fill out our Tax Savings Analysis We will get back to you quickly with your results Visit us at: DefinedBenefitPlanSolutions.com Disclosure: Orion Capital Management LLC (“Orion”) is a registered investment advisor offering advisory services in the State of California and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. The presence of this website on the Internet shall not be directly or indirectly interpreted as a solicitation of investment advisory services to persons of another jurisdiction unless otherwise permitted by statute. Follow-up or individualized responses to consumers in a particular state by Orion in the rendering of personalized investment advice for compensation shall not be made without our first complying with jurisdiction requirements or pursuant an applicable state exemption.[1] All written content on this site is for information purposes only. Opinions expressed herein are solely those of Orion, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to other parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.