Sep 2, 2021
At Bayntree, a lot of the small business owners and solo employers we work with start asking us one question as we get closer to the end of the year: what can I do to help save for retirement?
There’s no right answer for everyone–in fact, it’s a bit of a mixed bag. There’s a lot of options, and you’ll need to talk to your advisor or CPA to come up with a plan that works well for you.
Here to shed some light on this topic is my good friend and mentor, Brian Hartstein. Brian is the Director of Corporate Development here at Bayntree. Today, he brings his nearly three decades of experience to this issue to help you better understand the common mistakes business owners make, the opportunities you can take advantage of, and how to get a head start and a better understanding before you step into your next meeting with your accountant or advisor.
In this podcast interview, you’ll learn:
- Why taxes are guaranteed to go up in the future–and why so many business owners are dissatisfied with their CPAs’ tax planning skills.
- The easiest thing for a business owner with 1099 income to do in order to save money if they don’t have a 401(k).
- The big mistakes business owners make when it comes to retirement planning.
- What a solo 401(k) is, what it looks like, and why you may want to choose it over a SEP.
- Why successful business owners need the assistance of TPA firms or other partners to create plans and find every possible tax advantage available.