Today TaxMama hears from Dec over the Internet. He says, “Thanks for the solo 401(k) tip in your recent article on MarketWatch.com. If you have any other info available I would appreciate it.”
Actually Dec,
That’s a broad question. There’s a lot of information out there about these versatile accounts.
Some of the earliest material out there is in an article I wrote in 2002, when they were first offered.
https://www.taxmama.com/Articles/solo401k.html
One of the biggest benefits of the solo 401(k) account is that the small business owner can borrow from it, the way employees of large corporations can from their 401(k)s.
The only drawback is, your business must be so small that you can’t have any employees – only owners.
There’s actually a lot of information out there – just Google solo 401(k).
https://www.google.com/search?hl=en&q=solo+401%28k%29+
Work with someone who’s experienced with these accounts so you are sure to get all the i’s dotted, etc. Otherwise, making mistakes can be expensive.
And remember, you can find answers to all kinds of questions about solo 401(k)s and other tax issues, free. Where? Where else? At TaxMama.com
[Note: If you were subscribed to the e-mailed TaxQuips, you’d be getting other exciting news and tips by e-mail, that never appear on the site. Please click on the subscribe link and join us.]- Ask TaxMama :: Where taxes are fun and answers are free
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- TaxMama Articles :: Finally, a Break for the Small Fry, Or – How to Get $50,000 Tax Free
- Google Search :: for – “solo 401(k)”
- MarketWatch.com :: Tax Tips for the Unemployed
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