Associates in Accounting, CPA (502-451-8678) offers retirement planning services with a CPA. The professional accounting firm supports Louisville, KY business leaders with financial counseling and budgeting.
One of the most common tax strategies involves opening and funding a retirement account for business owners. By placing funds in a retirement account on behalf of the individual, these funds are set aside for the future but can create a current tax deduction for funding the account. This more finance-focused retirement planning can become overwhelming without an experienced CPA firm. Begin retirement planning with an experienced CPA today with Associates in Accounting.
Learn more at https://associatesinaccountingcpa.com/
Associates in Accounting, CPA, offers retirement planning services for business owners, including financial counseling and budgeting by an experienced CPA. They strategically place funds in a retirement account and create a current tax deduction for funding it.
The team helps you optimize your tax situation, especially at the beginning of your retirement planning. This includes designing and developing a specific retirement plan with transparent financial milestones, such as determining the desired funding you wish to pursue for a particular year.
There are multiple parts to retirement planning. While every client has a different retirement plan, Associates in Accounting generally follows these steps.
One of the first things to consider is how this planning fits into your business’s overall financial and retirement goals. It’s important that you discuss this, as well as your predicted timeframe and desired lifestyle you want in retirement, with the CPA. This helps them create a more personalized and comprehensive plan for you!
Then, the retirement planning CPAs determine the employee census info for you and the types of retirement plans that are available, given your budget. Larger organizations with multiple employees may require additional services outside of the scope of an accounting firm. For these cases, the team may request the assistance of a third-party administrator (TPA) who can advise you on possible plan structures that can be used for funding. Associates in Accounting specifically works with Elizabeth Rankin, CPA, an experienced 401(k) TPA with 30 years of experience.
From there, the retirement planning CPAs at the firm work closely with you to guide you in picking a specific plan structure that best suits your goals. The CPAs illustrate how the plan would be funded and provide initial calculations on its tax savings and deductions. This step may take several weeks to refine to ensure that you fully understand your business retirement plan and how it will affect your tax situation.
Once you are happy with the calculations, the team executes the plan and provides a dedicated financial advising partner for investment, who will also finalize the entire planning process.
Many clients have an “I don’t know what is possible”-type of approach to their retirement planning. With Associates in Accounting, you can precisely see the possibilities available for you, your company, and your employees.
“Tax reduction is great, but overall financial goals are ultimately more important. Getting a senior partner involved in helping with these types of planning issues is a great way to make sure all of the possibilities are being properly explored,” says Rick Fields, CEO of Associates in Accounting.
Associates in Accounting offers a wide range of accounting, advisory, and tax services for business owners. This includes tax preparation, payroll services, software consulting, bookkeeping, tax planning.
Go to https://associatesinaccountingcpa.com/ so you can learn more.
