Over the years, some of the client’s I’ve coached include attorneys, doctors cpa’s retailers, Boat Captians, manufacturers and farmers to set up pension plans.Â
Those plans or tax shelters as I like to call them have saved them millions of dollars in taxes on a current basis, while at the same time earning millions tax free, or tax deferred until they retired.
Pensions plans are tax shelters that currently allow you to save about $200,000 each year from your taxable income, which means that your tax bill is less by over $70,000 each year. And, your earnings on the $200,000 will earn tax deferred until you tax it out.