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Small Business Owners


Financial Planning for Small Business Owners

Owning and managing your own business is a demanding task. You focus on growing your business, making it more productive, profitable, and competitive, while also ensuring that your clients receive the best services and products. This leaves you with little time to think about managing your finances in the same efficient manner as you manage your business.

As a successful small business owner, you may have had to invest a significant amount of personal capital to establish and expand your business. Consequently, you may have a shorter time frame to build a retirement nest egg outside of the equity in your business. To address this, we create financial plans that incorporate strategies designed to help business owners create personal wealth by:

• Maximizing retirement benefits
• Reducing or deferring taxes
• Managing risks
• Planning for business transition.

Retirement Plan Choices for Small Businesses

Retirement Plan Choices for Small Businesses

Retirement choices can be intimidating. Picking the right strategy.

Establishing and Funding a Retirement Plan

Many small business owners either do not have a retirement plan at work, or have a plan that is out of compliance. Many entrepreneurs, even if a plan is in place, do not maximize their savings. IIS Financial Services works with you or your representative in conjunction with a third-party administrator (TPA) and CPA to help you remain compliant and take full advantage of retirement and tax savings.

SEP IRA: A Simplified Employee Pension (SEP) is a retirement plan that an employer or self-employed individual can establish. The employer is allowed a tax deduction for contributions made to the SEP plan and make contributions to each eligible employee's SEP IRA on a discretionary basis.

Individual/Solo 401(k): Also known as the Solo K, or Uni-K – works much the same as traditional 401(k) plans offered by large companies, as well as SEP IRAs designed for the self-employed. Unlike other retirement plans, though, an individual 401(k) is strictly for sole proprietors who have no employees (although your spouse may contribute if they earn income from your business). One other point: Unlike SEP IRAs, solo 401(k)s allow you to borrow against your savings.

Which self-employed retirement plan is best for you?

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