Solo 401k Rules Articles: As the plan fiduciary, Solo 401k plan owners need to know their responsibilities and avoid engaging in a prohibited transaction.
In the recent case of Thiessen v. Commissioner, 146 T.C. No. 7 (2016), the Tax Court considered how long the IRS has to allege a prohibited transaction against self directed IRAs. In general, the IRS must allege a prohibited transaction against self directed IRAs within three years after the return is filed. IRC 6501(a). However, that time-period may be extended […]
“Investing” is a simple concept under which, you use your existing money to create more money and so on. However, the art of investing is difficult to come by and you will encounter an army of amateur investors that didn’t make it. But it is rare to find a bank that had a similar opinion […]
The Solo 401k plan is created to give small business owners a low-cost and flexible way to set up a retirement saving with tax benefits. To qualify for the plan, small business owners only need to have self employed business activity without any full-time employee except for the owner and their spouse. Since the Solo […]
“You’ve got to think about big things while you’re doing small things, so that all the small things go in the right direction.” ~ Alvin Toffler Real estate is exciting, and if it has worked out so far for you, what’s there to stop you from acquiring more properties. A lot of real estate investors […]
If you are adding tax liens to your Solo 401k retirement plan, it is important to understand the benefits as well as setbacks of investing in them. After all, your retirement fund is at stake, so avoid unnecessary risks. Pros of Solo 401k tax lien investing High return on investment: You can expect to receive […]
“Every battle is won before it is fought.” ~ Sun Tzu A well-devised strategy plays a crucial role in every aspect of life; let it be investments, business, or personal finance. A majority of self-employed individuals ignore retirement savings, as shown by a TD Ameritrade survey taking into account 15 million self-employed individuals in the […]
Solo 401k plans, also known as individual 401ks, are reserved for self employed business owners and professionals. The sponsoring business can be a sole proprietoship, a partnership, an LLC or a corporation. Individual 401k law allows most types of businesses to set up a Solo 401k plan, as long as there is no full time employee […]
Retirement investing may not seem like the most exciting activity, but with self-directed Solo 401k and IRA real estate plan, plan owners can get more creative with their investment selections. One of my clients stands out when it comes to creative investments. His pick? Organic mango and neem tree farms. Regular IRA plans are managed by a custodian […]
As the plan trustee of a Solo 401k, plan owners are required to follow certain Solo 401k contribution rules, such as the Solo 401k contribution limits, deadline, and other regulations. A Solo 401k plan owner is often a major owner of the business. Therefore, they are required to take minimum distributions after the age of […]
Individual 401k retirement plans target small business owners and self-employed individuals, offering them a wide variety of investment options along with flexible contributions. Along with their higher contribution limits, self employed retirements plans such as Solo 401k allow investments in real estate, precious metals, private financing, traditional investments, mortgage notes and a variety of investment […]