November 15, 2023 - Volume LI No. 22



2023 Year-End Tax Planning


Maximize Retirement Plan Contributions if a Plan Works for You

This is the single best tax shelter available. For various reasons, too few doctors are funding their plans that would be working very well for them. The long-term tax advantages of deductible contributions and decades of tax deferral overwhelm the costs of contributions and administration when the key people receive at least 70% of the annual contributions. Contribute to your plan or start a new one if you can afford to make the contributions. Thanks to inflation, the profit-sharing plan contribution limits have shot up to...