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Getting $50K From Your Own 401(k): The 401(k) Loan Option

Do you need access to your retirement account funds to start a business, to pay for non-traditional education expenses, to make a personal investment, or to pay off high interest debt? Rather than taking a taxable distribution from your 401(k), you can access a portion of the funds in your 401(k) via a loan from […]

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Solo 401(k) Contributions for Sole Propietorship Owners and LLC Owners

We recently published an article about Solo 401(k) contribution rules and deadlines for S-Corporation Owners. That article can be found here. But what about a situation where the business that adopts the solo 401(k) is not taxed as an s-corporation? What if the business is taxed as a sole proprietorship (e.g., a single-member LLC) or […]

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2015 Solo 401K Contribution Deadlines and Mechanics

As 2015 comes to an end, it is critical that Solo 401(k) owners make year-end retirement plans. There are three important deadlines you must know if you have a solo 401(k) or if you plan to set one up still in 2015. A solo 401(k) is a retirement plan for small business owners or self-employed […]

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401K MILLIONAIRE CLUB IS GROWING: HOW DID THEY GET THERE?

Fidelity Investments, the largest provider of 401(k) plans, recently announced data on their 13 million 401(k) customers accounts that provides an insight into saving for retirement. One of the most interesting items from the report itself was the fact that 401(k) millionaires, those with $1M or more in their 401(k) account, has grown to 72,000. […]

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TOP 3 MISTAKES IN SOLO 401K PLANS

Solo 401(k) plans have being growing in popularity with self-employed persons. Solo 401(k)s are an excellent tool for self employed persons to maximize contributions in their own business or self-employment just like large companies who offer plans for their employees. The basic rules for solo 401(k)s are that you must be self-employed and that you […]

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HAVE YOU AMENDED YOUR SOLO 401K PLAN LATELY?

Have you amended your solo 401(k) plan lately or are you planning on paying penalties? IRS Rev Proc. 2007-44 requires that every 401(k) plan, including solo 401(s)s,  be updated and amended at least every six years. PLANS MUST BE UPDATED EVERY 6 YEARS This six year cycle doesn’t begin on the date you established your solo […]

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2014 RETIREMENT PLAN CONTRIBUTION DEADLINES: START PLANNING NOW & DON’T GET LEFT BEHIND

Retirement account/plan contributions are one of the most powerful tax strategies you can implement but you’ve got to make them by the deadline so that they can reduce this years tax liability. With the end of the year fast approaching, now is the time to make certain you are maximizing this important tax strategy for your […]

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SOLO 401K 2014 CONTRIBUTION DEADLINES

I posted a comprehensive article last week about 2014 retirement plan contributions in general. However, as the year ends I wanted to highlight three important deadlines you must know if you plan to set-up a Solo 401(k) in 2014. A solo 401(k) is a retirement plan for small business owners or self employed persons who […]

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HOW TO AVOID THE $15,000 SOLO 401(K ) FAILURE TO FILE 5500-EZ PENALTY

Do you have a solo 401(k)? Have you been filing form 5500-EZ each year for the 401(k)? Are you aware that there is a penalty up to $15,000 per year for failure to file? While many solo 401(k)s are exempt from the 5500-EZ filing requirement, we have ran across many solo 401(k) owners who should […]

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SELF DIRECTED IRA & 401K PROHIBITED TRANSACTION DISQUALIFIED PERSON DIAGRAM

The prohibited transaction rules are the most important rules to understand when you self-direct your retirement account. These rules restrict not what investments your retirement plan may acquire but whom your plan may transact with. A prohibited transaction occurs when a retirement plan (e.g. self directed IRA or 401k) transacts with a disqualified person. IRC […]

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