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The Individual 401k - BIG Business Benefits For The Home Business
Copyright (c) 2002-2023 Daniel Lamaute
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 new plans. Depending on who's offering them, these individual plans are sold under different trademarked names such as (solo 401k, uni-k plan, personal(k), one person 401k, mini-401k, solo-owner 401k, etc.,.)
Small business owners can establish an individual 401k and transfer their IRA, 401k, 403b, or other qualified retirement funds into this new retirement plan. Once the funds are in the plan, owners can borrow 50% of their 401k account balance up to $50,000 tax-free and penalty free provided they pay back the loan.
Any business owner with no employees other than co-owners or spouses can establish an individual 401 k plan. It doesn't matter if you are a startup or been in business for years. Your may work as an independent contractor with 1099 income, freelancer, sole proprietor, or in a partnership, Limited Liability Company (LLC), or corporation. . It is fairly common for employees of large companies to have the option to borrow from their 401(k). But before 2002, small business owners were not allowed the same privilege. Instead, owners needing to tap their retirement funds for whatever reasons had to take cash distributions from their IRAs or other retirement accounts. This required them to pay federal and state taxes on the distributions, plus generally a 10% penalty if they were under age 59 ½. They also lost the chance to put the money back into their retirement accounts.
Borrowing from an IRA is still prohibited. But one can consolidate his individual retirement accounts into a 401 k and borrow from the 401k.
However, the individual 401 k is more than just a good tool to borrow money. It also lets you contribute more towards your retirement. You can make tax-deductible contributions to this plan at levels more generous than other retirement plans such as the SEP, SIMPLE, profit sharing and money purchase plans.
Every year millions of Americans start new businesses and take cash distributions from their retirement accounts to keep them solvent until the business gets going. In the process these entrepreneurs forfeit a large chunk of their retirement money to taxes and penalties. From now including a 401 k search will probably become routine whenever small business owners look to set up a retirement plan. With all of its features, the individual 401(k) is bound to be a serious contender when it comes to choosing a small business retirement plan.
Daniel Lamaute, CEO of Lamaute Capital specializes in helping
people get the most benefit from their retirement investments.
Take cash payments from your retirement funds the smart way. Get
your FREE SOLO-OWNER 401K INFORMATION KIT. Kit includes a
prospectus with detailed information about the plan, investments,
sales charges and expenses. Visit http://www.investsafe.com to
order kit. COPYRIGHT © 2002-2006, Lamaute Capital, Inc. All
rights reserved.
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Top-Level Category: Articles
10 Most Recent Articles Written by Daniel Lamaute
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Written by: Daniel Lamaute |
Distributed: 2008-10-28 |
Word Count: 525 |
Page Views: 3966
| Votes: 7 |
Rating: 1.43
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Distributed: 2008-05-08 |
Word Count: 646 |
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Distributed: 2008-04-23 |
Word Count: 406 |
Page Views: 5116
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Distributed: 2008-02-11 |
Word Count: 465 |
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Word Count: 565 |
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Word Count: 333 |
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Word Count: 343 |
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Distributed: 2006-09-26 |
Word Count: 435 |
Page Views: 5033
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Word Count: 0 |
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Word Count: 0 |
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| Votes: 2 |
Rating: 0.50
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| Votes: 17 |
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Written by: Kamau Austin |
Distributed: 2006-05-11 |
Word Count: 563 |
Page Views: 5247
| Votes: 11 |
Rating: 1.36
If you want to have a party that everyone will be talking about
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party.
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Distributed: 2006-05-11 |
Word Count: 718 |
Page Views: 4351
| Votes: 14 |
Rating: 2.64
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Written by: Kamau Austin |
Distributed: 2006-05-11 |
Word Count: 840 |
Page Views: 5308
| Votes: 17 |
Rating: 2.24
You are thinking about purchasing real estate. However, you are
not sure if your credit is good enough to get a mortgage. There
are things that you can do to build your credit so that it is
worthy of any mortgage that may interest you.
Flowers Are The Perfect Gift For Father's Day
Written by: Wesley Berry, AAF |
Distributed: 2008-02-20 |
Word Count: 486 |
Page Views: 5868
| Votes: 17 |
Rating: 2.24
Dads everywhere have Sonora Smart Dodd to thank for getting
Father's Day started. In 1909, Sonora sat in a church in Spokane,
Washington listening to a sermon expounding on the virtues of
motherhood. But, as she sat there, she thought about how special
her own father was since it was he who raised her after the death
of her mother.
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Written by: Bill Platt |
Distributed: 2006-02-10 |
Word Count: 0 |
Page Views: 2876
| Votes: 9 |
Rating: 2.00
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any endeavor is gaining your prospect's trust.
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Written by: Kamau Austin |
Distributed: 2006-05-11 |
Word Count: 563 |
Page Views: 5247
| Votes: 11 |
Rating: 1.36
If you want to have a party that everyone will be talking about
for days and years later, hire a good DJ to run your music and
light show. Hiring a DJ can actually be fun. Just follow these
simple tips, and you are sure to have a fabulous DJ for your
party.
Ann Arbor, MI Offers A Lot Of Year-Around Family Fun
Written by: Jeb Maxwell |
Distributed: 2010-01-20 |
Word Count: 595 |
Page Views: 4685
| Votes: 8 |
Rating: 1.25
Ann Arbor, Michigan is the home of the University of Michigan, a
leading institution of higher education. Ann Arbor is a wonderful
place to visit. The University is co-mingled with the city and
greatly expands the cultural places and events available in the
area.
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Written by: Pamela Cole Harris |
Distributed: 2005-09-14 |
Word Count: 0 |
Page Views: 2118
| Votes: 5 |
Rating: 1.20
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The "Proprietary Blend" Nutritional Supplement
Written by: Will Brink |
Distributed: 2006-02-10 |
Word Count: 0 |
Page Views: 3476
| Votes: 5 |
Rating: 0.60
In a nut shell, I went onto cover each of these common marketing
terms that are used to sell supplements to unwitting consumers
and explained each in detail as to what I view as their common
misuse within the market place.
Brink's Unified Theory of Nutrition
Written by: Will Brink |
Distributed: 2006-02-24 |
Word Count: 0 |
Page Views: 2277
| Votes: 5 |
Rating: 0.60
Regardless of the topic, a unified theory, seeks to explain
seemingly incompatible aspects of various theories. In this
article I attempt to unify seemingly incompatible or opposing
views regarding nutrition, namely, what is probably the longest
running debate in the nutritional sciences: calories vs. macro
nutrients.
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