Business owners need to qualify themselves through a proven process to help determine the right strategy or tactic. The preamble to this is an understanding of their risk tolerance, cash liquidity, reasonable projections on earnings and whether any strategy or tactic is suitable.
Probably the most important first step is collecting the right data and understanding the psychological disposition of the business owner. From that data a hypothetical, customized plan is drafted that reflects the client’s financial goals. One of the goals is a quantifiable analysis of the first year’s contributions. Then there’s a refinement of the numbers over several iterations of the plan until you land on feasible goals. Finally a detailed plan emerges and that’s when the bill is due. The fee can range from $4000-$5,000 and is deductible.
Letters of engagement are crafted and agreed to. Keep in mind that a good letter of engagement cites what the actuarial firm will do as well as what the business owner will do. The strategy uses a defined benefit plan and a profit sharing plan (sometimes a 401(k) as well as additional paperwork if the plan is designed for the ultimate tax deduction and benefits. There are annual administration costs to factor in as well:
- Actuarial valuation and certification of contribution ranges
- Preparation of IRS and PBGC filing requirements
- Annual fees are a function of plan complexity and demographics
Financial security through tax management and actuarial science can generate a substantial economic benefit both now and in the future.
- Financial security for participants and their spouses
- Financial security for the next generation
- Ability to Reward loyal employees
- Tax credits offset costs of providing benefits
It’s important that accurate information be validated so that the plan’s numbers are within a reasonable proximity. The tax deductions and ongoing benefits can place the business owner and his family in a strong financial position to enjoy their retirement.
Charlie Day is a co-contributor to this press release.
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Norwalk Insurance Agency Educates On The Cost of Contractors Insurance
Norwalk, Connecticut (findit ) January 20, 2021 – JMG Insurance, a Norwalk specialty insurance agency, offers readers some valuable information regarding how much contractors insurance costs. The new article is guided by the insurance experts at JMG who have extensive experience helping clients find the perfectly priced plan for their needs. They have designed this new article to help readers get a better idea of what factors will affect the cost of contractor’s insurance the most.
JMG Insurance offers readers some valuable information that explains how to calculate what the cost of contractor’s insurance may potentially be. In the article, they explain what contractors insurance is before getting into the things that affect their cost. Some of the factors they go over include the number of employees, the types of contracting jobs, the risks associated with services, and others. They hope that this article will help contractors searching for insurance understand what to expect while also demonstrating the importance of working with experts.
While this new article focuses on explaining how to calculate the cost of contractor’s insurance, JMG’s website offers visitors more information regarding their team, experience, as well as a full list of service offerings. JMG offers personal, business, and specialty insurance that helps clients get the protection they need at the best possible rate. They offer thorough insurance plans for business owners, contractors, errors and omissions, general liability, group benefits, construction companies, and more. Their agency was built on the principles of providing superior customer service and quality insurance solutions for their clients, and they work hard to uphold these values. Their team strives to make the insurance process as simple as possible for every client.
With the addition of this new article, the team at JMG hopes that contractors will have a better understanding of what factors will affect how much a comprehensive insurance plan will cost. For more information, reach out to the qualified contractor insurance experts at JMG today at 1-844-304-7332 or visit their website at https://jmg.com/. Their offices are located at 29 Haviland Street in Norwalk, Connecticut 06854.
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Students that are living paycheck to paycheck and struggling to make ends meet as a result of their past due student loans can apply for available student debt relief programs with Freedom Loan Resolution. We our a group of experienced student loan debt counselors that know and understand the situation that you are in and we are here to help you apply for the right debt relief program to meet your needs.
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