Business Owner Planning
Lee Schaffer
Senior Portfolio Manager & Wealth Advisor C.I.M., F.C.S.I., P.F.P. Trusted, reliable team leader specializing in Tax savings and customized wealth management - for families, professionals, business owners and retirees.
Through a pandemic, inflation, and the rollback of key government benefits, many small business owners have had their share of struggles the past few years. Business owners often start as an individual who’s not incorporated. The more profitable a business becomes, the more the question becomes whether to incorporate or not. How much income does one need while the balance can remain in the Corp. with generally a 9% to 12% tax rate for the first $500,000. When business owners need more money from their company the advantages of incorporation become less valuable. We act as a point of contact through your accountant and other tax professionals, while providing you ways to gain additional tax benefits on your retained earnings within the Corp.
While your plan may be 5-10 years away from accessing your capital and using the Corp. monies as a form of income in retirement, we show clients how to maximize what you've built inside your business. Or role is to help you start envisioning what may happen in the future and prompt you to have conversations with the right professionals to make that happen.
Do you have excess capital you want to defer taxes on within the Corp? How will you access funds in a tax efficient manner to supplement your income? What are the best tax preferred, and tax deferred ways to grow your capital, while preserving it within the Corp? These are the questions we best help clients with.
Look forward to a conversation together.