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You Are A Sole Proprietor: How About A Solo 401(k)

Aug 28, 2013 Posted by Ted Jenkin @ Your Smart Money Moves In At The Workplace, Featured Articles Tagged 401(k), Administrative responsibilities, Advisory Services Inc, Alpharetta Ga 30022, Atlanta Georgia, Brick And Mortar, Broker Dealer, Catch-up contribution, Complimentary Consultation, Corporate America, Economic Growth And Tax Relief Reconciliation Act, Economic Growth and Tax Relief Reconciliation Act of 2001, Egtrra, Employee Contributions, Establishment deadline, financial advice to the X and Y Generation, Freelancer, Gen X & Y Financial Advice, I am seeing more and more people quit the corporate America lifestyle, IRS maximum contribution, Knowledgeable Professionals, Money Advice, Money Move, own business owner, Profit sharing contribution, Reconciliation Act Of 2001, Retirement, Retirement Contributions, Retirement Plan, Retirement Vehicle, Sep Ira, Simple Ira, Small Business Owner, Small Business Owners, Smart Money, Smart Money Moves, Sole Business, Sole Proprietor, solo 40, Tax benefits, Tax Deductions, Tax Relief Reconciliation Act, Ted Jenkin, the solo 401(K), Tiny Paragraph, Withdrawals, You Are A Sole Proprietor: How About A Solo 401(k), your smart money moves Comments 8

I am seeing more and more people quit the corporate America lifestyle and venture into becoming their own business owner. This shape of a business owner can be a freelancer, consultant, or someone who actually starts up a ‘brick and mortar’ operation. Many of these folks will ask questions about whether they should incorporate their business, which I have discussed in other articles. Once they become profitable, they often ask which kind of retirement plan would suit them the best. For someone who is a sole business owner, the Solo 401(k) has been around for about a decade and provides a great alternative to helping maximize your retirement contributions. Here’s a little history on the Solo 401(k) and how it can be a smart money move for your business. The Solo 401k came about in 2002 after Congress passed Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). EGTRRA added some small paragraphs to the tax code that put ...