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Business Financial Planning

Business Planning: Man drawing chart on glassSimilar to personal financial planning, business financial planning is vital for self-employed clients in terms of asset protection, cash flow/debt management, investment management, and tax reduction.   FIS can provide advice on many services that are only available to self-employed clients. 

Review Business Financials

FIS will review the company’s financials and work closely with the client’s tax accountant to implement recommended tax strategies and/or a specific retirement plan. 

Employee Benefits

Employee benefits are wonderful, if and when affordable.  Based on the goals of the business owner(s),  FIS can recommend various employer/employee deductions and services that can defer and/or reduce company income taxes.   

Risk Management

During the discovery process, FIS conducts an in-depth assessment of the client’s healthcare, workman’s compensation, life insurance, key-man insurance, long-term care, and professional liability insurance coverage.  This analysis identifies potential gaps in coverage or opportunities for supplementary risk defense and/or premium reduction.  Furthermore, FIS reviews clients’ business succession plans to verify that the plans meet both personal and estate goals. 

Group Insurance

A privately-held company can significantly reduce its insurance premiums for employees if it qualifies for a group rate.  

Group insurance applies to healthcare, life, dental, disability, long-term care, and other insurances.  FIS provides clients with quotes for the bundling of these services to minimize costs and maximize coverage for their companies.  

Retirement Plans

One of the major benefits of being self-employed is that an owner(s) can create a customized retirement plan tailored toward his/her retirement goals.   Retirement plans that provide tax breaks to the owner(s) and/or employees that meet certain IRS and ERISA rules are considered “Qualified” plans.  Retirement plans that don’t meet these guidelines are called “Non-Qualified” plans. 

Qualified Plans include Defined Contribution [employer/employee contribution(s)] and Defined Benefit (employer contribution).  

Non-Qualified Plans include SEP (Self-Employed Person) IRA, SIMPLE IRA, 403B (Non-Profit), and 457 plan (deferred compensation). 

FIS has abundant experience in assisting business owners in designing optimized retirement plans that can reduce taxes and defer income for future retirement needs. 

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