“One of our jobs at BeamaLife is to assist our high income earner physicians and business owners’ clients in educating them about the full potential of their income tax deductions each year,” says Neil Jesani, CEO and President of BeamaLife.
Piscaway, NJ (PRWEB) March 19, 2012
BeamaLife Insurance Company, top provider of online life insurance and retirement products for physicians and business owners, announces its tax-time effort to help those businesses supporting qualified retirement pension plans.
“One of our jobs at BeamaLife is to assist our high income earner physicians and business owners’ clients in educating them about the full potential of their income tax deductions each year,” says Neil Jesani, CEO and President of BeamaLife. “One of the ways we do this is to always be aware of changes to tax deductions year by year. By doing this, we are able to help self employed physicians and business owners ensure they are fully utilizing their company’s yearly IRS approved tax deductions.”
New qualified pension plan design allows many physician groups and business owners to take tax deductions up to $250,000 in defined benefit plan v/s $49,000 in SEP or profit sharing plans without contributing additional amounts to their employee’s account.
“This deduction is complex, and requires expert advice,” states Jesani. “Any of our expert licensed specialists can thoroughly explain how this deduction works and what types of contribution plans will qualify.”
These qualified pension plans also allow to take deduction of life insurance premium. In fact, anyone who is contribution to their 401k plan can deduct their life insurance premium by purchasing life insurance policy inside the 401k plan.
“The plans we administer through BeamaLife are designed to give the most to a company’s owner employees while remaining sustainable and cost-effective for the employer. We understand the market and take pride in being able to deliver a win-win to all of our clients,” says Jesani.