Snow is falling, fires are being lit, and it’s finally December, which means you can officially start putting up your Christmas decorations without your friends criticizing you! More importantly, it’s the time of time of year where we get together with friends and family, celebrate each other, and bookend the year with lots of happy memories.
It’s also the perfect time and last chance to open a Solo 401k to capture those tax deduction benefits.
The deadline to setup your SoloK is December 31st. Fortunately for you, setting up a Solo 401k plan with Nabers Group by the IRS deadline is easy! It takes about 10 minutes to fill out your application. Once we receive your information we’ll have your documents ready for you within just a few hours!
This allows you the flexibility and confidence to start funding your plan and opening bank/brokerage accounts right away.
Get Started by the SoloK Deadline!
You may already have an idea of what the Solo 401k is, and the best ways to take advantage of it by the SoloK deadline. If you’re still just getting started with your research, however, check out a couple of these great articles:
- Solo 401k Basics: What’s in the Solo 401k
- What your CPA needs to know about the Solo 401k
- 7 ways to invest small money with your Solo 401k
Frequently Asked Questions
Start by completing the Solo 401k application online. Some of our most frequently asked questions are:
Does my spouse need to participate in the plan? Do I need to add them now?
No, your spouse isn’t required to participate in the plan, and you don’t have to add to the plan with the initial application. Add your spouse to the plan once they are working in your business and want to do any of the following:
- Roll in funds
- Make investments
- Make contributions
- Take distributions
- Take a participant loan
Adding your spouse to the plan is as simple as reaching out to us and our team will update your plan documents within one business day.
What if I work a W2 job in addition to my small business? Can I still have the Solo 401k?
Absolutely! You can work a full time or part time job where you receive a W-2 and still qualify for the Solo 401k. As long as you have self-employment activity and no full time W-2 employees working under you, you’re good to go.
Further Important Questions
Who should be the trustee of my plan?
Most clients will list themselves (the business owner) as trustee of the plan. Trustees have signatory authority over bank accounts and investments, so if you’re running the plan you definitely want to list yourself.
Why are you asking for a trust name?
Your Solo 401k plan has a plan name and a trust name. The plan name generally reflects the name of your business ie “(Business name) 401k plan”. The trust name is what we use to obtain a new EIN for your plan. It is also what you’ll use when investing in alternative assets, such as real estate, private loans, tax liens, cryptocurrency, etc.
What can I invest in
Funny enough, the IRS doesn’t list what you can invest in, only in what you can’t invest in. That leaves the options for investing as almost limitless. Some of the most popular investments are:
- Real Estate
- Bitcoin and other cryptocurrencies
- Gold & Silver
- Private mortgage notes
- Tax liens and deeds
- Private Equity
- Private Lending
- Traditional equities (stocks, bonds, etc)
Get Your SoloK Started by the IRS Deadline of December 31st!
As long as you set up your plan by December 31st, you’re qualified to make contributions for 2019 until the tax filing deadline, normally April 15, 2020 or October 15 with an extension. Source: IRS Publication 560.
Sign up today before the SoloK deadline and our team will walk you through the steps of signing your plan into existence, opening bank/brokerage accounts, funding via rollovers and/or new contributions, and even investing ideas!
Need more info, or want to talk with a specialist who has their own Solo 401k plan? Schedule a call with us, email us at [email protected] or just give us a call at 877-765-6401.
Our extended holiday hours are from 8 am ET to 10 pm ET. We’re here and ready to help you take control of your financial future!