Okay, so this is not a problem most of us have or will ever be lucky enough to have (except in our best dreams), but there are people out there (you know who you are) who are making a lot of money in their business. Are the rest of us jealous? You bet we are! What are some of your options to deal with this terrible dilemma of making too much money?
You can make huge charitable donations to the 50 scam charities who have called you this year without checking to see if they are actually legitimate. You could call back that "Boiler-Room broker" from the Bronx who had the fantastic investment opportunity he wanted to share with you and you alone. You could go ahead and place a large order with that wine broker who had been told by a "close personal friend of yours" that "you enjoy a good glass of wine" (isn't it funny that they can never tell you which friend told them that?). You could just go ahead and pay a really large chunk of it to the IRS in the form of Income Taxes.
Or, you could look at a Cash Balance Plan to go along with your 401(k) Plan. A Cash Balance 401(k) Combo might allow you to shelter an additional $100,000 to $200,000 per partner or owner without increasing the cost for employees by a large percentage.
If you are interested in knowing a lot more about Cash Balance Plans, Click Here to Download Our Cash Balance Primer (which is absolutely void of any attempt at humor).
In all likelihood, a Cash Balance Plan could be utilized for 2014. We are here to help (if we are not out playing golf, surfing, wake-boarding, playing with children or grandchildren, but even if that is the case, we will be back in the office at some point) - so just give us a call, send us a text message through FaceBook, send us an Instagram of yourself drowning in excess cash. Use these hashtags (#morecashthanIcanspend, #comeandgetmeirs, #yadayadayadaimakemorethanyou) and we will search for you. ...... do something to get us working for you on this issue. The IRS hopes that you will totally ignore all of the above and just keep making tons of money. Hopefully the NSA will not discover this anti-government Post before you see it. Yea, I know..... too late for that!
