Earn $500,000 in 2021? You May Still Have Time to Reduce 2021 Taxes

Some high-earning entrepreneurs and business owners have until Sept. 15 or even Oct. 15 to ramp up their retirement savings and possibly save big on their taxes at the same time.

A gift bag with money peeking out.
(Image credit: Getty Images)

Solo entrepreneurs, business owners and professionals often work days, nights and weekends. They may not have time to put together a financial plan that would save a significant amount of their income for retirement while also cutting their taxes by possibly tens of thousands of dollars each year. But it’s easy to do – and for some there is still time to do this and file your 2021 taxes on time if you filed an extension.

Consider this scenario:

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Maggie Rapplean, CFP®
Senior Adviser, Moneta Group

As a financial adviser and CERTIFIED FINANCIAL PLANNER™ professional at Moneta, Maggie Rapplean brings an entrepreneurial spirit that helps her connect with other business owners and next-gen investors, as well as 401(k) plan sponsors. She focuses on family financial planning, financial planning for women, business financial planning and financial planning for couples. With nearly a decade of experience, Maggie delivers financial education to retirement plan participants and her clients with the goal of increasing financial literacy and retirement readiness. She graduated Summa Cum Laude from the University of Missouri – St. Louis, earning her bachelor’s in Business Administration and is currently earning her MBA at UMSL.