Client of the Week

This Week

Beekeeper Takes the Sting Out of Taxes

One of our clients, age 71, gave up his job as a software consultant in California to pursue his hobby as a beekeeper, specializing in pollination services. His net schedule C income in 2018 was over $350,000, and he maxed out his SEP contribution last year at $55,000. Based on his advisor’s advice, this entrepreneur will now contribute $145,000 each year to a Defined Benefit plan, which will reduce his tax liabilities. That is almost 3x the amount what a SEP could do for him.

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