AgTalk Home
AgTalk Home
Search Forums | Classifieds (163) | Skins | Language
You are logged in as a guest. ( logon | register )

Retiring ,looking for ways to Minimize Income Tax's
View previous thread :: View next thread
   Forums List -> Kitchen TableMessage format
 
Birddy
Posted 1/7/2023 20:28 (#10027935 - in reply to #10025527)
Subject: RE: Defined benefit pension plan.


ND

There is another thing you can do to defer income.  You can start the plan year in, for example, November and fund 2 years
of the pension, and expense it all in one tax year. 
This is really helpful if you have a machinery auction, or sell multiple years of grain in one year. 
You need an experienced retirement specialist to do this.  This is not your local bank or financial advisor. 
Fees vary, and your CPA should be able to advise you.  Some advisors in farm states work a lot with farms and small businesses.



Edited by Birddy 1/7/2023 20:29
Top of the page Bottom of the page


Jump to forum :
Search this forum
Printer friendly version
E-mail a link to this thread

(Delete cookies)