In President Obama’s year-end press conference, he stated that he did not think it was fair for certain corporations to pay less in taxes than others just because they have a better attorney or accountant. By that logic, one may conclude that because I have a smart phone with built-in GPS it is unfair that I can potentially get to places sooner than my parents who still have an old- school flip phone with no GPS. By having a GPS, I simply have better tools at my disposal to be sure I make the best use of my time and avoid frustrations like traffic.
We take exception to the President’s comments about using a better attorney, accountant, or in our case, a retirement plan consultant in order to pay fewer taxes. At ACG, we often times find ourselves quoting the late Learned Hand, United States Court of Appeals Judge for the Second Circuit, who famously said: “There are two systems of taxation in our country: one for the informed and one for the uninformed.” Oftentimes, business owners are not aware of the tax-saving opportunities available to them through a properly designed retirement plan. We feel it is our responsibility to inform our clients of all options and then let them decide which tax “system” to follow.
Working with an expert consultant like ACG to establish a new retirement plan or increase the efficiency of your current retirement plan may result in you paying as little in taxes as legally required. This is no different than using the GPS to avoid unnecessarily sitting in traffic.
With Congress passing new laws resulting in tax increases, we find many business owners and top executives becoming more interested in ways to utilize the tax code to avoid paying unnecessary taxes. ACG stands ready to be your company’s retirement plan GPS. Please give us a call at (804) 323-1886 to learn more about how a custom-designed retirement plan may be able to lower your tax liability.