The Best-kept Tax Secret for Small Businesses (CNNMoney.com)
For two years, Dr. James Smouse of Atlanta Oral and Facial Surgery tried to convince his younger partners to participate in a cash balance pension plan, a unique defined-benefit plan that offers business owners the opportunity to make hefty, tax-deferred contributions toward their retirement savings. But until the recession hit, they weren't interested.
"They thought they'd be better off investing their money in stocks and other vehicles," Smouse says. "But what happened over the past 18 months showed there's a risk, and after working a few years, they've seen how much money they have to pay in taxes."