If you’re looking for a tax break this year, there’s still time to open a Solo 401(K). But do your research and seek experts to help you understand the plan, how to manage your account without the need for a custodian which amounts to extra fees, and how to transfer your existing new plan. You’ll find the options for investing and maximizing your contributions are plentiful but the clock’s ticking—you only have until December 31st to open one for 2009.
3 Reasons why today is the best time in human history for immense personal wealth and freedom
January 21, 2009 By Leave a Comment
While there are many people finding themselves more fearful than ever, there are others who are more excited than ever. Here’s why…
- The rules of safety and courage have changed. Since the industrial revolution, employee-ism has surged. During this time, getting a job to work for somebody else was the safe thing to do. On the other side of the coin the risky, courageous act of working for oneself is what brings riches. As a result, each person has been faced with a choice to pursue either safety or riches. Part of what made employee-ism the safe bet for an individual is the stability of companies as well as what has become the largest store of non-real estate wealth in our country: holdings in the stock market. This year we have seen the rules of the game permanently changed. Our financial system is crashing, and trustworthiness has evaporated from corporate America and the financial services industry. Now working for yourself is no longer the courageous thing to do; it’s the safe thing to do.
- Technology has brought immense power to everybody. Personal computers and the internet are now available to just about everyone. This has made some very expensive things become cheap or free. This has made it possible to do things that were previously impossible. There is no longer a need for every transaction to take place in a physical location. Needs and desires are able to be fulfilled online. In many circumstances, the large corporation cannot compete with the one-man shop. Today a person can start and run several businesses for little or no money. Taking something and creating or increasing its value has never been more accessible.
- Arbitrage has never been [Read more...]
Who is eligible for a Solo 401k?
November 28, 2008 By Leave a Comment
Solo 401k eligibility requires 2 things:
- Presence of self employment activity – This can be as a sole proprietor or more formally organized as a Corporation, Partnership, or LLC. It’s okay to also be employed elsewhere even if that is your full time job and you participate in a 401k there.
- Absence of full time employees – To meet this requirement you cannot have full time employees at a business that you own. Part time employees (those who work under 1000 hours per year) and independent contractors (those who receive a 1099 rather than a W-2 at the end of the year) are okay to employ.
If you meet this requirement, you are likely to qualify for a Solo 401k. For a free consultation, call us at 877-SOLO-401K.
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I am thankful for…
November 27, 2008 By Leave a Comment
…our current circumstances. Rather than ignore the current economic problems, I choose to acknowledge this elephant in the living room during our Thanksgiving holiday.
We are bombarded with headlines like “What will fix our economic problems?” It is absolutely silly. The recession is the solution to the problem of the asinine acts of American government, corporations, and consumers. There is no galactic lottery that our country can win. We have to play by the rules of the game that we started. No person or government can perpetually spend more money than they earn. Such behavior can only be temporary and always leads to self inflicted unpleasantness.
I truly am thankful for our recession because it should help cleanse our government and society of self destructive behavior. We are now forced to [Read more...]
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