James, age 52, is married. He owns a successful financial advisory with no employees. James nets $500,000 (after paying self-employment tax) as an independent financial advisor and would like to retain more of his earnings.
As an owner of a pass-through entity, the advisor could qualify for a new tax deduction (Section 199A) of up to 20% of his business income if his income is below the $315,000 threshold for married couples.
Build retirement wealth while maximizing tax savings
Defined Benefit Plan and 401(k) for 10 years