The Power of Defined Benefit Plans for Small Business Owners
11/15/24 • 32 min
1 Listener
If you're a small business owner or independent contractor with a high income and you're tired of paying excessive taxes, this podcast is for you! We explore the little-known, IRS pre-approved, retirement strategy known as the Defined Benefit Plan. Defined Benefit Plans can significantly reduce your tax burden and accelerate your retirement timeline, potentially saving you more than you ever thought possible. If you qualify, this strategy could mean tens of thousands of dollars returned to you, from the IRS, each year.
As a small business owner or self-employed individual, managing your daily operations alone can be a burden. You may have thought about retirement and saved a bit, but with retirement just five to fifteen years away, you might worry that you've reinvested too much in your business and haven't saved enough. The Defined Benefit Plan is designed for high-income earners like you to help catch up on retirement savings and secure your financial future. Tune in to learn how this plan how this plan works and the intricacies of managing it!
Ed’s Food for thought:
Chocolate sauce recipe
· 2 tablespoon butter
· 1/2 bar unsweetened chocolate
o Baker’s - for the regular version
o Ghirardelli Premium - for the decadent version
· 1 cup granulated sugar
· 2/3 cup of carnation evaporated milk
1 - Bring water to a boil and then lower it some to medium.
2 - Put butter and chocolate on top of the double broiler. On the bottom of the double broiler, put half to one inch of water.
3 - Set the top of the double broiler on top of boiling water. Stir chocolate and butter until it's liquid
4 - Stir sugar into the liquid. Once it gets too thick, slowly stir a little bit of the Carnation milk into the liquid. Then stir more sugar in until it gets too thick. Repeat the process with the Carnation milk until both ingredients are in.
5 - Once it's all in and liquid continue to stir until it thickens.
If you're a small business owner or independent contractor with a high income and you're tired of paying excessive taxes, this podcast is for you! We explore the little-known, IRS pre-approved, retirement strategy known as the Defined Benefit Plan. Defined Benefit Plans can significantly reduce your tax burden and accelerate your retirement timeline, potentially saving you more than you ever thought possible. If you qualify, this strategy could mean tens of thousands of dollars returned to you, from the IRS, each year.
As a small business owner or self-employed individual, managing your daily operations alone can be a burden. You may have thought about retirement and saved a bit, but with retirement just five to fifteen years away, you might worry that you've reinvested too much in your business and haven't saved enough. The Defined Benefit Plan is designed for high-income earners like you to help catch up on retirement savings and secure your financial future. Tune in to learn how this plan how this plan works and the intricacies of managing it!
Ed’s Food for thought:
Chocolate sauce recipe
· 2 tablespoon butter
· 1/2 bar unsweetened chocolate
o Baker’s - for the regular version
o Ghirardelli Premium - for the decadent version
· 1 cup granulated sugar
· 2/3 cup of carnation evaporated milk
1 - Bring water to a boil and then lower it some to medium.
2 - Put butter and chocolate on top of the double broiler. On the bottom of the double broiler, put half to one inch of water.
3 - Set the top of the double broiler on top of boiling water. Stir chocolate and butter until it's liquid
4 - Stir sugar into the liquid. Once it gets too thick, slowly stir a little bit of the Carnation milk into the liquid. Then stir more sugar in until it gets too thick. Repeat the process with the Carnation milk until both ingredients are in.
5 - Once it's all in and liquid continue to stir until it thickens.
Previous Episode
Winning at the Tax Game
1 RecommendationsIn this episode of Ed’s Edge, Ed and James discuss the importance of being proactive with managing your taxes both now and in the future. They share strategies that can benefit you in years of lower taxable income as well as strategies that can be used in years of higher taxable income. Ed & James explain the benefits of these strategies and what to consider before using them to optimize your tax situation over the long run.
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Developing a Healthy Relationship with Money: featuring Krisstina Wise
Ed and James are joined by real estate mogul, Entrepreneur & best-selling author, Krisstina Wise. Ed, James, and Krisstina discuss the importance of having a healthy mindset when it comes to your finances, as well as understanding when enough is truly enough.
Krisstina shares how a near-death experience forever changed her view of money and inspired her to share her experiences & knowledge with other entrepreneurs. She also explains how others can shift their money mindset to create a more positive life overall, rather than just financially, primarily through the concept of knowing your numbers. All of your numbers.
Ed’s Food for Thought:
Honey Garlic Meatballs
Prep: 5 Min. | Cook: 2 Hours
Servings: 10
Ingredients:
1/2 cup ketchup
1/3 cup honey
1/4 cup brown sugar
2-3 tablespoons soy sauce
4 cloves garlic, minced
1 (32-ounce) bag frozen fully cooked meatballs (about 50)
Garlic salt & pepper, to taste
For serving: Cooked rice, sliced green onions, sesame seeds
Slow Cooker Instructions:
In a medium bowl or the base of a slow cooker, combine the ketchup, honey, brown sugar, soy sauce & garlic. Add meatballs and stir until coated in sauce. Add a pinch of garlic salt and pepper on top if desired.
Cook on high 2-3 hours or low 3-4 hours. Turn the slow cooker to warm until ready to serve. Season to taste.
Enjoy as an appetizer or serve over rice and top with green onions for a main dish.
Stove top instructions:
1) Combine sauce ingredients in a large pot over medium-low heat.
2) Once combined, stir in the meatballs. Bring to a light simmer and cook for 10-15 minutes, or until heated.
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