Retirement Planning For Eyecare Professionals

For most eyecare practitioners, the question is not "When Should I Begin a Retirement Plan?" but "What Retirement Plan is Right For Me?"

There are many ways to plan for your retirement — and each has its own advantages. To help you decide on a retirement plan, you should meet with your tax and financial planning advisor to select what is right for your specific needs.

SIMPLE plans, and 401(k)s had significant changes for 2004:
 

SIMPLE – Under Age 50
SIMPLE – Over Age 50

401(k) – Under Age 50
401(k) – Over Age 50

  

$ 9,000 (up from $8,000 in 2003)
$10,500 (up from $9,000 in 2003)

$13,000 (up from $12,000 in 2003)
$16,000 (up from $14,000 in 2003)

As you do your retirement planning, stay informed about on-going changes in the tax law. Current rules and pending legislation should be factored in to all your decisions.

Special considerations, such as ownership of an office building, can also be a significant part of your retirement planning — but you should consult with a professional for assistance on how it can best be utilized.

Contact May & Company

May & Company offers tax planning and tax preparation services for eyecare professionals in all fifty states. Simply click here to e-mail or call Ken Hicks, CPA at 601.619.2930 for more information. Your first consultation is absolutely FREE!

About May & Company

Currently serving practitioners in 23 states, May & Company’s firm of 18 CPAs has developed a specialty practice focused on the tax, accounting and QuickBooks® needs of private practice eyecare professionals across the country.

While most CPAs work with only one or two eyecare clients, May & Company sees literally hundreds of eyecare tax returns each year. Because of that, they have acquired an in-depth working knowledge of the specific tax laws and regulations affecting an eyecare practice.

This allows May & Company to provide eyecare professionals with cost-effective, yet highly professional advice on the best ways to save tax dollars based on your specific gross, net and stage of practice.