I opened a OnePersonPlus Defined Benefit Plan and put away $150,000 in 2014 and another $120,000 in 2015 and it’s all a deduction. I figure at least 30% of it is a gift from the IRS.
High income earners 50 or older may be eligible to contribute to a OnePersonPlus 2 to 3 times the amount they might otherwise contribute to a SEP or 401(k).
For a Client Age 52 Earning $265,000
OCCUPATIONS THAT MIGHT QUALIFY
Real Estate Agent
Please Note: Your Defined Benefit plan for the 2016 tax year must be set up by the end of the business fiscal year, generally, December 31st.
Defined Benefit Plans must be opened by the end of the business’s fiscal year, generally December 31st.
Contributions are not required until the tax filing deadline with extensions but no later than eight and a half months after the end of the fiscal year.