The Modern CPA Success Show
Cash Balance Plans: Maximizing Client Tax Savings with David Podell
Feb 5, 2024
Explore the benefits of cash balance plans for tax savings and retirement planning, tailored to individual client needs. Learn how to maximize contributions and reduce tax liabilities, while strategically planning for minimal disruption in retirement savings strategies. Delve into the intricacies of income adjustments, company structure, and strategic planning to enhance business value through defined benefit and cash balance plans.
45:56
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Quick takeaways
- Cash balance plans offer higher contributions and tax advantages compared to traditional 401(k) plans, making them ideal for business owners with additional profits.
- Flexibility in retirement plans allows tailoring to client's needs, with contributions varying from $100,000 to over a million dollars, emphasizing the importance of coordination with professionals.
Deep dives
Tax savings and the importance of subject matter experts
In this episode, the podcast discusses the importance of tax savings and the expertise of subject matter experts. The speaker emphasizes that while tax itself may not be exciting, the concept of tax savings is appealing. The guest, Dave Podell, is introduced as a great resource in this field. The episode aims to educate listeners about tax savings strategies and the benefits of consulting with experts in the field.
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