Perspective
Feb. 26, 2013
Why aren't more lawyer's covered by pension plans?
In this environment it is surprising that so few lawyers, whether operating as sole proprietors or in small to medium-size firms, are covered by pension plans. The tax benefits should be well known. By Bruce Givner and Owen Kaye
The maximum federal income tax bracket is now 39.6 percent. For lawyers prudent enough to have accumulated investment real property or other sources of passive income, either through their own efforts or through picking the right parents or spouses, there may be another 3.8 percent tax on unearned income. There is also a California income tax of as much as 13.3 percent on income above $1,000,000. Granted the California tax is deductib...
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