During the last days of the holidays, while you may have been shopping for presents or traveling home to see family, we were working behind the scenes to find money for our clients.

Several of our high-earnering clients were facing tax brackets of more than 50%. Personally, it's easy to think that's just not fair, so we look closely to make sure our clients are paying what they need to, while keeping whatever else they can in their own pockets.

During our year-end discussions and research, it was decided with one of our clients that it would be beneficial for them to set up retirement plans for their corporations. Not only did they get to put away between $100k-250k for retirement, but they also got an added—and unexpected!—bonus…

As it turns out, they are all eligible to have their plan administration fees paid with a tax credit of up to $5,000 per year, for three years! The Secure Act 2.0 provisions that went into effect on January 1, 2023, included a provision that increases the tax credit for small employer pension plan startup costs from 50% to 100%.

That's up to $15,000 each and a total of $45,000 between the three families affected!

Tax planning throughout the year is a critical part of what we do—but we can only do it this well when we’re with you all year round.