Business Owners

Gain clarity on business taxes and employee benefits

As a business owner, you constantly face crucial financial decisions that have both short-term and long-term impacts on your company. At IFC, we pride ourselves on being your dedicated partner and advocate, guiding you through the complex landscape of business strategies and employee benefit programs. Our goal is to help you gain clarity and make informed choices that enable you to optimize your financial well-being. With our experience, we assist small-mid sized business owners in crafting tailored employee benefits packages and leveraging the tax code to minimize your financial burden while maximizing your personal benefits.

Key Person Insurance

Key Person Insurance is a specialized program designed for small businesses to protect the individuals who play a pivotal role in the ongoing success of the company. We offer a range of customizable plans that can serve as both a retention strategy and safeguard against the potential loss or disability of key employees.

Disability Insurance

IFC provides a variety of income-replacement solutions, including short-term and long-term disability options. Business owners can choose between pre-tax and post-tax options, allowing them to potentially recover up to 70% of their gross lost wages. Additionally, we offer business overhead expense insurance, ensuring that your business can continue to operate seamlessly in the event of your disability by covering day-to-day operating expenses.

Health Insurance

IFC specializes in group health insurance plans that allow for individuals and/or families to be covered in bulk. Some plans even offer special deductions. Since needs vary by company and rules vary by state, contact us to set up a consultation.

Insurance Audits

At IFC, we conduct comprehensive insurance audits to ensure that your money is wisely invested in various insurance products, including vehicle, life, homeowner, health, disability, long-term care, and worker's compensation policies. Our approach involves a thorough analysis of your insurance portfolio, followed by a diligent search for solutions that best align with maximizing your expenses and meeting your unique needs. Sometimes, we discover that your current policy is indeed the optimal choice. However, there are instances where we identify better-suited policies offering enhanced benefits at the same price point, ultimately saving you money.

Tax/Wealth Strategies

While many small business owners traditionally rely on selling their businesses to fund their retirement, it's essential to explore a broader range of retirement strategies. At IFC, we specialize in helping you navigate these options and harness the power of the tax code to create retirement plans that offer tax-deferred or tax-free income, both in the present and the future. Our goal is to provide you with the financial flexibility and confidence you need to enjoy your retirement on your terms.

Our services encompass a wide range of tax and wealth strategies, covering the fundamentals like 401(k), profit sharing, and defined benefits under ERISA, as well as all IRAs. Beyond the basics, we specialize in tailoring customized plans to meet your specific requirements, sometimes utilizing lesser-known, time-tested strategies within the tax code that are often overlooked.

To name just a few of the innovative plans we offer:

Defined Benefit Pension Plans: We offer an array of different types of programs such as Traditional, Cash Balance, 412e3 and even our own proprietary programs that allow for more creativity.
Captive Insurance Programs: Custom insurance solutions to manage risk and reduce tax liability.
Executive Bonus Planning: Tailored plans to attract and retain top talent while maximizing tax efficiency.

Retirement Planning

Most small business owners rely on selling the business to fund their retirement. But there are so many more exit strategies to consider. IFC offers ways to leverage the tax code to provide either tax-deferred or tax-free income, either now or in the future.

Exit Planning Strategies

For business owners who have poured their heart, soul, and effort into building their enterprises, one of the most significant decisions they face is how to gracefully exit their business. Equally vital is ensuring that this exit is executed in the most tax-efficient manner. At IFC, we understand the importance of this transition, and we're here to assist.

Our approach involves a personalized consultation with the business owner(s) to gain insight into their specific circumstances, including their desired timeline for exiting the business. We then work collaboratively to craft a tailored exit strategy that not only respects your hard work and dedication, but also seeks to optimize the tax efficiency of the transition. Our goal is to help you make this crucial decision with confidence, ensuring a seamless and financially advantageous exit from your business.

Employee Benefit programs

At IFC, we specialize in crafting comprehensive employee benefit programs that allow you to attract, recruit and retain quality employees. Some of these programs include group health, life, disability, vision and dental insurance. Given that every company has unique needs and state regulations vary, we encourage you to contact us to schedule a consultation tailored to your specific requirements.

Selfish Benefits

Small business owners, much like their counterparts in larger corporations, are dedicated to providing for their employees. However, they also seek unique retirement and tax benefits for themselves and their chosen upper management staff. With a multitude of options available, IFC specializes in crafting tailored programs that align with the individual business owner's current situation and future aspirations.

Life Insurance With Living Benefits

While term, whole, and universal life insurance policies are widely available, IFC prioritizes policies that offer living benefit riders or accelerated benefit riders. These riders allow policyholders to access funds while still alive in the event of a terminal, chronic, or critical illness or condition, including but not limited to:

Heart attack
Stroke
Cancer
Heart valve replacement
Blindness
ALS
Cystic fibrosis
Major organ transplant
Traumatic brain injury (CTE)
MS
Long Term Care needs

In essence, it's life insurance benefits that policyholders don't have to wait until their passing to utilize.

The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. Before implementing a strategy involving life insurance, it would be prudent to make sure you are insurable. As with most financial decisions, there are expenses associated with the purchase of life insurance. Policies commonly have mortality and expense charges; if a policy is surrendered prematurely, there may be surrender charges and income tax implications. You should consult a qualified tax professional for tax advice on your own personal situation. All guarantees are based upon the claims-paying ability of the issuer.

For more information about our firm and the services we offer, send us a quick email or call the office. We would welcome the opportunity to speak with you.

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