If you're trying to reduce your taxes, save more and figure out which is the best small business retirement plan this video is for you. Choosing between an LLC or S-Corp for a small business owner can be complicated. In this video I'm going over 3 examples of how choosing the business structure and retirement plan can change your tax and retirement plan choices a lot. ----------------------------------------------------- Join this channel to get access to perks: ----------------------------------------------------- Join this channel to get access to perks: ----------------------------------------------------- Are you ready for professional investment advice? We can help you with financial planning and asset management. Let us guide your investments to your financial freedom. START HERE Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you. Payroll Provider Payroll Provider TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP® CERTIFIED FINANCIAL PLANNER™ PODCAST Company Website: twitter: @travissickle Instagram: Facebook: LinkedIn: Sickle Hunter Financial Advisors 1646 W Snow Ave. Suite 144 Tampa, FL 33606 ///////////////////////////////////////////////// Get answers FASTER... Join this channel to get access to perks: Chat on discord: Join Link Support on Patreon: Get IRS FORM W4 TAX WITHHOLDING HELP HERE STARTING AT $39. bit.ly/3FJ6w8U ----------------------------------------------------- Are you ready for professional investment advice? We can help you with financial planning and asset management. Let us guide your investments to your financial freedom. START HERE Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you. TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP® CERTIFIED FINANCIAL PLANNER™ Company Website: twitter: @travissickle Instagram: Facebook: LinkedIn: Sickle Hunter Financial Advisors 1646 W Snow Avenue Suite 144 Tampa, FL 33606 Check out Google Business Profile ------------------------------------------------------- Gear Used in Videos Partnership referral links Solo 401k plan Documents Aura Identity Theft Protection *Up to 50% off* HTTPS://www.aura.com/travis Bitcoin IRA All Amazon links are affiliate links ____________________________________________________________________________ Information in this video is for educational and entertainment purposes only. sicklehunter.com/disclosures ____________________________________________________________________________ #travissickle...(read more)
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Small Business Owner COMPARES Retirement Plans for LLC vs. S Corp As a small business owner, planning for retirement is an essential part of securing financial freedom for the future. However, navigating the various retirement plan options available can be overwhelming. One crucial decision to make is choosing between an LLC (Limited Liability Company) or an S Corporation (S Corp) and understanding how it impacts retirement savings. In this article, we will compare the retirement plan options for both business structures, highlighting their benefits and drawbacks. Firstly, let's briefly explain the difference between an LLC and an S Corp. An LLC is a flexible business structure that provides limited liability protection to its owners. It allows for pass-through taxation, meaning income or losses are reported on the owner's personal tax returns. On the other hand, an S Corp is a corporation that elects a special tax status with the IRS, enabling the business profits and losses to pass through to shareholders' personal tax returns. Retirement plans for LLCs primarily depend on the individual owner's situation. The most common options for LLCs include Simplified Employee Pension (SEP) IRAs, Individual 401(k) plans, and SIMPLE IRA plans. A SEP IRA allows for contributions up to 25% of net self-employment income, with a maximum contribution limit of $58,000 (2021). This option is suitable for solo business owners or those with few employees. Individual 401(k) plans are better suited for those who want to contribute more significant amounts, allowing both employer and employee contributions with a maximum contribution limit of $58,000 (2021). However, if the LLC has employees, they must receive proportionate contributions. Lastly, SIMPLE IRA plans accommodate up to $13,500 in employee contributions, with a potential employer match, making it an attractive option for small businesses with dedicated employees. On the other hand, retirement plans for S Corps provide more flexibility and options. Owners can still utilize SEP IRAs and Individual 401(k) plans like LLCs, given their eligibility criteria are met. Additionally, S Corps can offer their owners a unique retirement plan called a Defined Benefit Pension Plan. This plan allows for much higher contribution limits compared to SEP IRAs or Individual 401(k) plans, making it appealing for business owners with significant income. Defined Benefit Pension Plans provide guaranteed retirement income based on a predetermined formula, usually incorporating factors such as age, income, and years of service. However, it is essential to note that as an S Corp owner, you must demonstrate consistent substantial income to support the higher contribution limits associated with this plan. When deciding between an LLC and an S Corp, it is crucial to consider factors beyond retirement plans. LLCs offer simplicity, flexibility, and fewer formalities, making them suitable for small businesses without aggressive retirement saving needs or multiple shareholders. S Corps provide liability protection, potential tax savings, and greater retirement planning options, making them more suitable for those with higher incomes and the desire for advanced retirement strategies. Ultimately, the choice between an LLC and an S Corp should be based on a thorough evaluation of both retirement plan options and other business considerations. It is always prudent to consult with a qualified financial advisor or tax professional to weigh the pros and cons specific to your individual situation. In conclusion, while both LLCs and S Corps offer retirement plan options, the decision on which structure to choose impacts the available retirement savings vehicles. Understanding the nuances and differences is paramount to making an informed choice. So, take the time to research, compare, and consider your retirement goals and business objectives to make the most suitable decision for your small business. https://inflationprotection.org/comparison-of-retirement-plans-for-small-business-owners-llc-vs-s-corp/?feed_id=124769&_unique_id=64cfb7cf51958 #Inflation #Retirement #GoldIRA #Wealth #Investing #bestsmallbusinessretirementplan #llcvsscorp #sepira #smallbusinessretirementplans #smallbusinesstaxdeductions #smallbusinesstaxhack #smallbusinesstaxes2020 #Solo401k #travissickle #whichretirementplanshouldiuse #QualifiedRetirementPlan #bestsmallbusinessretirementplan #llcvsscorp #sepira #smallbusinessretirementplans #smallbusinesstaxdeductions #smallbusinesstaxhack #smallbusinesstaxes2020 #Solo401k #travissickle #whichretirementplanshouldiuse
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