Ever wonder about ways businesses can reduce their taxes? Our Financial Planning Specialist, Matthews Barnett, CFP®, ChFC®, CLU®, goes over ways employees and small business owners can reduce their taxes and plan for the future through qualified retirement plans. Most employees who work for larger companies participate in or are at least aware of 401k plans. These plans can be strictly pre-tax or have Roth contribution components to them as well. However, there are also options for a solo 401k, SIMPLE IRA, and SEP-IRA. And for those in high deductible health insurance plans, there’s the option of an HSA or health savings account. Let’s describe each and how they differ from each other.

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