Evon Mendrin
speaker
181 appearances
1 recordings
1 series
first heard Sep 2025
last heard 25 Sep
Evon Mendrin’s voice in public audio — every appearance, attributed to the second.
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Appearances
Most people are familiar with the employee contribution amounts in 401k plans and the amount that each person, including the owners, can put in as an employee in there, which is $23,500 if you're under 50.
There's an additional bump if you're over 50.
But there's not always a good understanding of that next layer of the cake, which is profit sharing.
And describe for the listener, what is profit sharing in a 401k plan?
Gotcha.
70,000 is the total combined amount each individual can get into their 401k plan, regardless of which of these sources it comes from.
And one of my recent episodes on the podcast, and I'll throw a link to this in the show notes, was key tax levers you can pull when doing tax planning and looking at
The tax return, or if we're looking proactively at a tax projection and seeing what are the key parts of that return we can impact or influence to have really good results, really high impact results.
And these profit sharing contributions, depending on the demographics of the practice, depending on how strategic we are with the owner's wage, these profit sharing contributions are really important.
impactful way to hit those planning levers.
And so that's one of the things I mentioned in that episode.
And so for those of you who are listening, potentially thinking about how can we improve our own tax planning, listen closely here.
I think this is going to be a really helpful conversation for you.
And so Matt, as you talk about that, you mentioned there's a
how exactly these profit sharing contributions work because it does need to go into all employee accounts.
It's not just something for the owners.
The golden rule here is you can't discriminate in favor of only the owners or the highly compensated employees.
So how does that work?
Let's say the owner wants to talk to you.
They want to think about doing these profit sharing contributions.
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