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You should engage the services of an accountant who will advise you the most tax efficient way of managing your money. A good accountant will save you multiple

by dazc 5y ago

You should engage the services of an accountant who will advise you the most tax efficient way of managing your money. A good accountant will save you multiple times what he/she charges you in fees. I'm in the UK, so can't really advise in your case, but here you can invest £40k in a pension fund per year as a business expense.

sokoloff 5y ago
This is great advice. There are provisions to allow you to set aside a little over $50K per person under some circumstances (and as the business owner, you have a lot of influence over whether those circumstances apply). If you managed to employ a spouse or family member, you could put away substantial sums for the future in case the fortunes of the site turn downward. Kudos on the decision of “this is great the way it is”; just make sure you’re stacking firewood for the winter. (Contact the advisor soon, so you might be able to make a 2021 retirement contribution before the filing deadline.) Specifically ask your advisor is there’s a way you can make these contributions under Roth treatment and what their advise is there. Personally, I’m shooting to have at least 30% of my retirement investments at retirement be Roth so I can control some of my tax exposure then (and I don’t expect taxes to go down in the next 10 years), but if you’re paying for pro advice to your specific situation, pay attention to it not an internet comment based on a few hundred words of unrelated context.