SOLO 401k news

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Housing Slump Shifts Attention from Home Equity to 401(k) Loans

Housing Slump Shifts Attention from Home Equity to 401(k) Loans Download this press release as an Adobe PDF document. Until recently, rising home prices and easy credit made it convenient for small business owners to tap their home equity to meet their financing needs. But, with the housing market now in a slump and stricter credit requirements some people are looking at the 401K loan as an alternative source for cash. Alexandria, VA …

Solo 401k Plan:The Mother Lode of Tax Breaks for Sall Businesses

What is a Solo 401k Plan? Solo 401K plans are retirement plans that provide for discretionary employee and employer contributions. These Plans were created in 2001 by the Economic Growth and Tax Relief Reconciliation Act (EGTRRA). The act allowed for changes to the laws governing traditional 401K plans. The changes allowed small businesses to enjoy the advantages of 401K plans without the costs that accompany regular 401K plans. Some estimate that 19 million people may …

How to Use a Self-Directed IRA or Solo 401(k)

By Michael Potter, J.D. Today, it’s no secret that most baby boomers are now playing catch-up with their retirement funding. In just two generations, the career world has been completely transformed. Lifetime employment at a single employer with a gold watch and a guaranteed pension at the end is now a relic of the past. Moreover, once un-touchable social security trust funds have been routinely invaded by heavy Congressional borrowing for decades. It’s …

THE ONE-PERSON 401(k) PLAN

THE ONE-PERSON 401(k) PLAN Ken Morris THE ONE-PERSON 401(k) PLAN Did you know that a firm as small as one-person can establish a 401(k)? This is not a new phenomenon. It just never made sense under the old tax law. However, recent changes have made the 401(k) much more attractive for small employers. How attractive? Consider a sole proprietor at age 50, with Schedule C income of $40,000. Assume this business owner would like to …

Retirement Plans for Solo Entrepreneurs

by Kristine McKinley Copyright 2006 Kristine McKinley Saving for retirement is even more important for solo-entrepreneurs because you don’t have a company sponsored pension plan or matching 401K contributions to rely on. There are many retirement plans available to self employed individuals and small businesses. Which one is right for you? Here is just a sample of the retirement plans available to solo-preneurs and small businesses: Roth IRA - …

401k Retirement Plans For The Self Employed

401k Retirement Plans For The Self Employed By Christain Cullen An individual 401(k) may be the best retirement plan option for a self-employed person with no other full-time employees other than their spouse. If those qualifications are met, the restrictive and costly 401(k) nondiscrimination rules do not apply, saving on both contribution expenses and administration fees. The key to maximizing the benefit of an individual 401(k) plan is to couple it …

Thousands Now Survive Financial Hardship Who Never Thought They Could with a Solo 401k !

Financial Emergency! It is unpredictable yet it happens to all of us. Whether it’s college tuition for your daughter, unexpected medical bills from an accident in the yard, covering the higher than expected closing costs on your new home or avoiding foreclosure or eviction because spending got out of hand; you’re going to need money fast. As one of the requirements for the tax exempt status of your Solo 401k, distributions of funds from your Solo 401k are …

Is Your Business a Solo Act? Now there is a 401(k) for You!

Is Your Business a Solo Act? Now there is a 401(k) for You! Paul D. McDonald, MBA The self-employed used to say that 401(k) plans weren’t in tune with their needs - but thanks to the 2001 federal tax act, they now are singing their praises. Until the passage of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) it didn’t make sense for the self-employed to establish 401(k) plans. Small-business owners could sometimes save just as …

Making Every Count

Making every penny count. By Lawrence Groves- 2005 More and more workers are leaving their jobs and taking their 401 k retirement plan funds with them. While some are rolling their funds over into IRAs or other qualified plans; many are taking their distributions in cash. Once an employee has left the job, any payments of earned vacation, sick or other leave made after leaving the job were not considered for inclusion in deferrals to Solo 401k, 401(k), or 403(b) plans. …

Tax Savings Tips for the Small Business

Tax Savings Tips for the Small Business Arik Rozen CPA Deferring income Shifting taxable income from the current to the next tax year is useful only if you expect your next year’s income to be equal or less than your current year’s one. * Waiting for a bonus? Keep waiting. Applies only to Cash-Basis-Tax-Payers. See if you can receive it in January of next year. Doing so will exclude the bonus from this year W2 …

“Solo” 401(k) Plans Offer Big Tax Deductions: Tax-Deferred Investing to the Max

“Solo” 401(k) Plans Offer Big Tax Deductions: Tax-Deferred Investing to the Max Major changes to the tax laws now allow small business owners to establish 401(k) plans more easily than ever before, and benefit from bigger 401(k) plan deductions than they’ve ever seen. These 401(k) plans have been dubbed “solo” 401(k) plans because of the new rules’ popularity among single-owner businesses. Yet, it is possible to have more than one owner and maintain a “solo” 401(k) plan, …

The Individual 401k - BIG Business Benefits For The Home

The Individual 401k - BIG Business Benefits For The Home Business Lamaute Capital, Inc. Major mutual fund and investment management companies now offer self employed individuals 401k plans that are easy to install and administer at very low cost. What’s more independent contractors and small business owners can borrow part of their retirement savings tax-free and penalty free by taking advantage of a loan provision in these …

Safe Harbor Plans-a Retirement Triple Play

Safe Harbor Plans-a Retirement Triple Play By Lawrence Groves Every October, the IRS comes out with the annual retirement plan limits. Some of these limits provide in part; the maximum individual contribution to Solo 401k, 401(k), 403(b) or 457 plans; the maximum compensation taken into consideration for retirement plan allocations and deductions; and the social security limits. Investment representatives and retirement service providers will be …

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