The Retirement Tax Strategy You Didn't Know About (Jennifer Baker)

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In this episode of the Concierge CPA Podcast, Dr. Jackie Meyer talks with Jennifer Baker, a seasoned wealth manager specializing in advanced retirement planning strategies for high-income earners. Together, they cover cash balance plans, how they work, and who can benefit most from them, plus Jennifer’s journey from CPA to Certified Financial Planner, navigating the world of independent financial advising. Don’t miss the in-depth conversation on strategies that can make a significant difference for tax-conscious business owners.

00:01:07 What are the differences between defined benefit plans and cash balance plans?

00:02:04 How did you get into wealth management?

00:02:58 Can you tell me about your firm's services?

00:04:38 How would you describe a cash balance plan?

00:07:20 Why are cash balance plans lucrative for taxpayers?

00:08:32 Can you explain how someone can pre-stack benefits in a cash balance plan?

00:11:26 What are the key parameters for a cash balance plan?

00:13:04 Who are cash balance plans good for?

00:17:16 What makes a cash balance plan flexible?

00:18:20 Why did you start your own company?

00:19:48 How do you manage work-life balance as a business owner?

00:21:16 Who is the ideal client for your firm?

00:22:30 What’s your view on retirement planning for business owners?

00:23:54 What sets successful accounting firms apart?

🔗 Connect with Jennifer Baker
  / jennifer-baker-wealth-strategies  
https://www.bakerwealthstrategies.com/

🔗 Connect with Dr. Jackie Meyer
Jackie's LinkedIn at   / jackiemeyercpa  
Jackie on Instagram @jackiemeyerCPA
Jackie’s work at https://www.jackiemeyercpa.com

This episode is brought to you by TaxPlanIQ:
https://www.taxplaniq.com

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In this episode of The Concierge CPA, host Dr. Jackie Meyer, CPA, chats with Jennifer Baker, CPA, CFP®, of Baker Wealth Strategies, about wealth management and tax strategies tailored for business owners. They dive into how cash balance and defined benefit plans can serve as powerful tax deductions for business owners, focusing on the best tax deductions for entrepreneurs and strategies to maximize retirement income.

Jennifer highlights her journey from tax to wealth management and shares valuable insights on leveraging cash balance plans. These plans allow high-income earners to make significant, tax-deductible contributions, sometimes over $1 million, resulting in immediate tax savings. The discussion clarifies key distinctions between defined contribution plans, like 401ks, and defined benefit plans, showcasing how cash balance plans offer flexible, high-limit contributions beneficial for those nearing retirement.

A major focus is on Jennifer’s collaborative approach with CPAs to help clients implement tax strategies effectively, working as an extension of the tax advisor team. Her firm’s philosophy prioritizes a seamless client experience, ensuring that tax-saving strategies are executed with precision. Jennifer emphasizes working with qualified intermediaries and actuaries to tailor plans that suit individual client needs.

The episode also addresses the importance of balancing business reinvestment with securing funds for retirement, underscoring tax-efficient planning for high-net-worth clients. Jennifer’s insights offer a practical guide for CPAs and advisors on supporting entrepreneurs in reducing tax burdens while growing wealth.

This episode is a must-listen for those interested in advanced tax deductions for entrepreneurs. For more, Jennifer invites listeners to reach out, specializing in wealth strategies for high-income earners and entrepreneurs.
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