LIRPs, Executive Bonus Plans, and Taxes.

A life insurance retirement plan is a permanent or cash value life insurance policy funded over time to build up a substantial cash value by the time you retire. Unlike term life policies, permanent life insurance policies don't have a preset duration, and last as long as you make the payments. Taxes are deferred on the cash build up, and if structured properly, you will never have to pay taxes when you retire and start taking money out.

An Executive Bonus (or Section 162) Plan is an arrangement in which the business pays the premium on a life insurance policy owned by the key employee as a “bonus” to the key employee. The bonus should be tax-deductible as a business expense. This works best with S-Corp formation.

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Hey, my name is Wayne Scully, owner of W. SCULLY, CPA, PC, and I am a tax and business strategist. Our focus is to provide solutions to landlords, flippers and real estate pros in the NY Tristate area. My firm offers tax compliance, business consulting, and high value tax planning strategies to save thousands of dollars.
Wayne migrated from Jamaica in the 1990s; now lives in Queens, NY. He enjoys biking, running, & strength training. He is a proud father of one.
Tagline: “Taxing you is their job, saving YOU is ours...or we'll give you $100!"
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South Ozone Park, NY 11420-0019

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The Black Pros On Money, Honey! is a frank discussion that provides the best information on Tax Strategy, insights for financial literacy, and developments in the technology behind these sectors. Each week, you hear first-hand accounts from seasoned practitioners, who provide no-B.S. answers to your biggest questions, new perspectives on how professionals create narratives that address tax/financial issues, or just simple information to keep you informed & proactive when it comes to money matters. Welcome to the show in the know, “Where none of us are smarter than all of us.”

I am also writing a book to help you navigate the tax maze. The book's working title is: "31 Tax Topics You Need To Know To Beat The Tax Boogeyman!" Get your copy this Summer! Here is an excerpt from my book: I have a secret for you: I love paying taxes. Yes, I said it. Every April 14th, I am waiting to send that check to the IRS on April 15th. Think about it, doesn’t everyone love to throw away money? Probably not, but sometimes it seems that way. Anyway, all jokes aside, I don’t like paying taxes, and the same is true of ATM fees – I hate those stupid ATM fees (a story for another book). I actually don’t mind filing, but I definitely hate paying taxes. But, we all have to. The goal should always be to pay the minimum amount possible. This is why I love tax strategies for saving (more on this later). Many people lose out on tax refunds simply because they did not file a federal income tax, not to mention their state tax returns. By law, you only have a three-year window from the original due date, normally the April 15th deadline, to claim your refund. It’s crazy to me that every year, billions of dollars in tax refunds are forfeited. As of March 2022, the IRS estimated that approximately $1.5 billion in refunds were lost – poof, just disappeared never to return. What a shame. Hopefully, after reading this book, you will be inspired to claim your refund.

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