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 […]
The beginning of the new year is a great time to take control of your financial situation and save money. Start by assessing where you are and where any possible issues may lie. With LegalShield, any potential legal problems can be resolved at a reasonable rate.Tips to save moneyCheck your credit reportOne of the best […]
Solo 401k Plan Administrator on Award-Winning Show Sense Financial Services, the leading Solo 401k plan administrator, will be featured on the award-winning television series, 21st Century Business. The segment will focus on the solutions Sense Financial provides to self-employed and small business owners who face challenges such as increased taxes and […]
Individual 401 k with Entrust“How do I transfer my Individual 401 k with Entrust to a Self-Directed Solo 401 k plan with Checkbook Control?” One of the many questions we receive at Sense Financial is how to transfer a previously-established plan with another provider to Sense Financial. The benefits and control of […]
No one likes unpleasant surprises, especially when it comes to retirement. The Solo 401 k solution can help you avoid the following potential pitfalls: Restructuring retirement plans More and more companies are restructuring their retirement plans. Changes like early buyouts, structural changes, or tightening contribution rules all affect your retirement. And the result is often […]
Solo 401k contribution limitsThe high contribution limits of the Solo 401k generate a great deal of interest. Especially amidst talk of increased tax rates, the ability to defer more money is highly attractive. And the recent increase in these limits by the IRS allows an even greater opportunity to shelter money.IRS […]
Solo 401 KThe Solo 401 K is a powerful tool for retirement saving. The plan is a 401 k that has been tailored and simplified for self-employed people. One of its most attractive features is its high contribution limits which allow a substantial portion of income to be shielded from taxes.Solo 401 k contributionsAs a self-employed individual, […]