2008 Bonuses & 401 K

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  • tempora
    Junior Member
    • Jan 2009
    • 4

    #1

    2008 Bonuses & 401 K

    I have a client who would like to minimize his 2008 C Corp tax liability by paying almost all the remaining profit to himself as a bonus and also a big 401K contribution.

    Is this something he can do retroactively in January 2009 and post into December 2008 expenses?

    Anthony
  • geekgirldany
    Senior Member
    • Jul 2005
    • 2359

    #2
    He might can still do something with the 401K. But the bonus should have been made before the end of the year. He should have come to you before so he would know what his options would be to lower his taxes. Might want to remind him that I would check with the plan administrator on the 401K.

    Hopefully some others will respond.

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