Keep More of Your Money: The Tax Strategy Most Business Owners Miss

In this episode, Hugh McPherson sits down with Chris Roehm, a seasoned financial strategist specializing in retirement planning for small business owners and self-employed professionals. Chris has helped hundreds of entrepreneurs, farmers, and agritourism businesses maximize retirement savings, reduce tax liabilities, and create long-term wealth strategies tailored to their unique business structures.Together, they explore cash balance retirement plans—a powerful, often overlooked tool that allows business owners to save aggressively for retirement while minimizing taxes. You’ll learn how these plans differ from traditional retirement accounts, how to structure them to match your profits, and practical steps to implement them with your CPA and financial advisors.What you’ll discover in this episode:How cash balance plans work and why they can outperform traditional 401(k)sWhy profitability and paying yourself a reasonable salary are keyTax savings opportunities and financial aid strategies for familiesFlexible plan design options tailored to your businessEligibility, contribution limits, and year-end planning considerationsHow to coordinate with CPAs, attorneys, and financial advisorsReal-life examples of business owners saving hundreds of thousands⏱Timestamps:00:00 – Introduction: Why farmers and small business owners overlook retirement planning02:10 – Chris Ream’s background and expertise in retirement strategies03:16 – The link between profitability and retirement savings04:03 – Using cash balance plans in financial aid planning05:17 – Example: $385,000 saved in college aid06:41 – Tax savings and income phase-outs affecting college aid07:51 – History and evolution of cash balance plans09:27 – Structuring plans for self-employed and small business owners10:04 – Origins and benefits of cash balance plans11:42 – Contribution limits and setup considerations13:37 – Why these plans are rarely discussed15:36 – How recent laws increased popularity17:02 – Funding strategies and long-term growth potential19:11 – Diversification and risk mitigation20:38 – Planning for taxes and future income brackets22:24 – Incorporating plans into estate and business succession23:57 – Risks entrepreneurs face and how these plans provide safety25:11 – Importance of early involvement with tax and legal advisors28:27 – Evaluating if a cash balance plan is right for you31:50 – Timing setup before tax deadlines33:47 – Entity types eligible for cash balance plans36:05 – Importance of reasonable salary for deductions39:28 – Preparing for implementation over the next few years45:04 – Age flexibility and planning options48:52 – Planning for different future tax brackets50:38 – Aligning retirement strategy with business growth52:23 – Final thoughts and actionable next stepsWant to connect with Chris or see if a plan fits your business?Chris works with small business owners, farmers, and entrepreneurs to design customized retirement and tax strategies. Many business owners start with a short, no-obligation consultation to determine if a cash balance plan aligns with their goals.👉 Try our FREE survey https://besureassessment.com - then book a 5min call with Chris directly at https://calendly.com/chrisroehmExplore more episodes, tools, and resources:👉 https://linktr.ee/positive.business.action#SmallBusinessFinance #RetirementPlanning #CashBalancePlans #TaxSavings #FinancialPlanning #BusinessOwners #FarmersFinance #WealthBuilding #EntrepreneurTips #BusinessGrowth #TaxStrategy #PersonalFinance #FinancialFreedom #BusinessPodcast #PositiveBusinessAction