The Tax Cuts and Jobs Act of 2017 have limited the deductibility of State and Local taxes for 2018. As a result, many high earners may be subject to additional taxes this year. However, there may be a simple solution to decrease the 2018 tax burden through a customized retirement plan design.
At Innovative, we have extensive experience helping companies design and implement retirement plans that generate significant tax deductions for the principals and owners of the business.
These strategies can be implemented under your existing retirement plan without requiring a change in service providers.
Action must be taken before year-end to impact your 2018 taxes.
It’s not too late. If you are interested in learning more about how a customized retirement plan design may help minimize taxes, please contact our office.