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A 412(i) Plan is a qualified
pension, or defined benefit, plan. But it offers the unique
advantage among qualified plans of allowing an individual
to set aside a large amount of current income toward retirement,
more than most qualified plans such as 401(k)’s, profit-sharing
plans, and even standard defined benefit plans.
As such, a 412(i) is ideal for business owners
with high gross income, who would otherwise pay ordinary income
tax on a large portion of their current income. This includes
sole proprietors or business owners, consultants, doctors,
attorneys, and investors. If structured correctly, the plan
can save a business owner a bundle in current income taxes
while maximizing future tax-favored income.
412(i) plans require careful design and implementation
and the experience in plan design and knowledge of tax regulations
that only a handful of firms can offer. At EPIC,
we have been designing and implementing qualified and nonqualified
plans for more than 15 years.
Contact us
to discuss how a 412(i) plan may benefit you.
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