Looking to pull money out of your IRA?  Maybe you need the money 
to grow your business, to buy a home, or to get you through a 
financial bind.  Well, before touching your nest egg you should 
first learn about the ways to help protect your nest egg from 
hefty taxes or penalties.

One of the newest tax saving tips is the use of the Self-Employed
401(k) loan feature. Self-Employed 401(k) plans work like regular
401(k) plans, except that they're limited to one-person firms 
with no employees other than a spouse or co-owners. In addition 
to providing the possibility to shelter a larger portion of 
income than is possible with other retirement plans from taxes, 
the Self-Employed 401(k) offers several other benefits for 
cash-strapped small business owners. 

You can rollover your IRAs, 401(k) from a prior job, or any 
other retirement plan to a Self-Employed 401(k). There is no 
limit on how much you can rollover. You can then take a loan 
from your Self-Employed 401(k) for up to $50,000 or 50% of your 
balance, and not pay any IRS penalties and taxes on the loan, 
as long it is repaid.

It doesn't matter if you started your business last week or 
several years ago. Any single business owner, independent 
contractor with 1099 income, freelancer, sole proprietor, or 
person in a partnership, Limited Liability Company (LLC) or 
corporation, can tap into the full benefits of the Self-Employed 
401(k) plan. 

The Self-Employed 401(k) loan repayment period typically ranges 
from 5 to 10 years, depending on the loan use. More importantly, 
all of the payments and interest go into your account so you are 
really paying yourself. Before raiding your IRA and paying a big 
penalty to the IRS, investigate taking advantage of the 
Self-Employed 401(k) loan tax strategy if you have your own 
business.