Do you qualify for Solo 401k options self-employed? Self-employed individuals are growing in number today. Millions are eschewing the traditional 9-to-5, 40 hour a week route and carving a new, creative path for themselves. Many assume that saying goodbye to employment in a larger company also means saying goodbye to having a 401k. What are the Solo […]
Family wealth is one way to pass your legacy onto your children. Not only is it worth building, it’s worth protecting.It’s surprisingly easy to lose family wealthTransferring family wealth from one generation to the next often fails. Up to 70% of the time, the money just slips away. Most failures are from lack of trust […]
IRA GoldUsing an IRA to purchase gold can be an attractive option. The volatility of the stock market, the desire for concrete investments, and the value of precious metals draw many to consider it.Gold is rare, so its investment value is viewed as safe with the potential for a higher margin […]
Can you personally manage a property that is owned by your qualified plan? The Solo 401k by Sense Financial is an IRS-approved qualified plan. You are trustee of the plan. And as trustee, you direct the investments of the 401k. Our clients often ask questions about investing with the plan and managing the assets of […]
Comparing SEP vs Solo 401kWhen comparing SEP vs Solo 401k, the Solo 401k is the clear winner. The Solo 401k gives you two capacities to hit its contribution limit, while the SEP IRA only gives one.when it comes to achieving the maximum contribution limit for tax deferral.Comparing the contribution limits of […]
Solo 401k vs Roth IRAWhat are the differences between a Roth Solo 401k and a Roth IRA? While both allow Roth contributions- where income taxes are paid before the contribution is made, both have different features and advantages.Qualifying for a Roth Solo 401k vs. a Roth IRAAn individual can qualify for a […]
Solo 401k eligibility requirementsA potential client recently contacted us about Solo 401k eligibility requirements. He was interested in setting up a Solo 401k Plan for his spouse.The individual owns a business with full-time employees, which disqualifies him from a Solo 401k. But his wife owns a small interest in a separate business […]
The question of SEP vs Solo 401k is an important consideration for small business owners. Many mistakenly believe that they are too small for the Solo 401k Plan and opt for the SEP IRA instead. But the truth is, the Solo 401k (or Owner-Only 401k or Individual 401k) is a much more powerful retirement vehicle.SEP […]
Many are unfamiliar with the term “One Participant Retirement Plan.” We address a few of your Frequently Asked Questions here.What is a One Participant Retirement Plan?The IRS created the One Participant Retirement Plan, or a Solo 401k, specifically for the self-employed and small business owners with no full-time employees. The IRS defines full time as […]
Individual 401(k) Plan (also known as Solo 401k or Owner-Only 401k) is considered tax-exempt according to the IRC Section 401. Therefore, the filing of state or federal income tax is not required. The only form required to be filed on behalf of the plan is Form 5500 EZ.An Owner-Only 401k is a qualified retirement plan […]
