"TL" <cokeshades[at]hotmail.com> wrote:

- quote -

We need a LOT more info:

1 - how many employees;
2 - how old are the employees;
3 - how old is dad;
4 - how old is son;
5 - how long is the business going to continue;

The plan that allows you to put away the biggest amount in
the easiest manner is a 412(i) plan, but be advised these
are subject to some very strict limitations and usually work
best for business owners in the mid 50s who have young
employees (mid 20s) and who expect to retire in the next 5
to 10 years. These plans cannot discriminate.

There are other plans like VEBAs that have high limits, but
they are much harder to administer.

The really easy plans, SIMPLEs, SEPs, 401(k)s, & the other
defined contribution plans won't let you shelter much
income.

The best thing to do would be to sit down with a qualified
tax pro and go over your options BEFORE you meet with a
pension advisor.

Good luck,
Gene E. Utterback, EA

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"TL" <cokeshades[at]hotmail.com> wrote:

- quote -

How many employees?

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"TL" <cokeshades[at]hotmail.com> wrote

- quote -

Defined Benefit Plan (maybe one that is age weighted). Lots
of paperwork and annual compliance though, but a chunk that
can go back as a company expense.

--
Paul A. Thomas, CPA
taxman at negia.net

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- quote -

and son) are looking ways to defer the income. If possible, please respond
to tlpcpa[at]hotmail.com as well as the newsgroup, as I only have access to
this newsgroup once a week.

Thanks in advance.

Todd

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