I opened a OnePersonPlus Defined Benefit plan and put away $150,000 last year and another $120,000 this year and it’s all a deduction. I figure at least 30% of it is a gift from the IRS.
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For a 60-year-old business owner earning $350,000 in W-2 income
Cash balance plans aren’t right for everyone. OwnersPlus works well for business owners who are:
Businesses That Might Qualify
Financial Planning Firm
Getting Started with OwnersPlus Cash Balance + 401(k) Retirement Program
Please note these plans should be opened by the end of the business fiscal year, usually December 31st
Cash Balance plans should be opened by the end of the business’s fiscal year, generally December 31st. Cash Balance 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.
Safe Harbor 401(k)/Profit Sharing plans must be set up before October 1st. The profit sharing contribution on behalf of the business owners will be limited to 5% if this deadline is missed.