Strategies Tax planning with Simplify 365 ®

In this case study, Vance Wealth helped a high-earning consultant save over 50% in taxes by implementing a cash balance retirement plan. The client’s income, just shy of $1 million, caused his tax liability to surge. Through thoughtful tax planning, including a $125,000 cash balance contribution, Vance Wealth reduced his tax liability from $174,000 to $104,000, saving him over $70,000. Additionally, the client secured significant retirement savings, demonstrating the power of strategic tax planning.

Here’s a great example of how Vance Wealth and simplify365(R) can help make a difference on your overall tax situation. In this case, the client was above the QBI threshold of $440,100, initially limiting his tax saving options. His total cash liability was north of $174,000, but a cash balance retirement plan offered a solution. Devising and implementing this plan, we were able to lower his tax liability by around $70,000. The client was able to put $120,000 into a retirement account that’ll grow tax-deferred, so it’ll be something he’ll be able to live off in retirement.