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SMART NEW FINANCING TOOL FOR THE SMALL BUSINESS OWNER By Daniel Lamaute Pressed for cash, many people will take money out of their individual
retirement account (IRA) as a means to get quick access to capital.
They do this even though they have to pay taxes and generally
if they are younger than 59 ½, also pay a 10% penalty on the money
they withdraw.
Only as a last resort should one touch their retirement savings
for anything other than retirement expenses. But, in those cases
when you need to tap into your retirement savings, a way to get money
out of your retirement account without paying the penalty and deferring
the tax was just made available beginning in 2002, as a result
of a tax law change.
Under the new law, those with a small business and no employees
or only a spouse as an employee
Our articles continue...
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can establish Solo-Owner 401(k) plans
and take a loan from those plans. The loan from the Solo-Owner 401(k)
is not treated as a withdrawal. As such it is not subject to tax
and the 10% penalty for early withdrawal as long as you repay the loan
on time.
You can roll over or transfer the funds you have in your IRAs, 401(k),
403(b), or other qualified retirement funds into your Solo-Owner 401(k)
and then borrow from the balance in your Solo-Owner 401(k) plan.
Employees of large corporations for the most part always had
the ability to borrow from their 401(k). Now small business owners,
such as freelancers, consultants, and entrepreneurs, who have left
the corporate world also have that choice. They can borrow up to the
lesser of $50,000 or 50% of the balance in their 401(k).
A Solo-Owner 401(k) plan gives small business owners the opportunity
to defer up to $40,000 per year in a tax deferred retirement plan
and the flexibility, should they ever need it, to borrow from their
retirement funds.
The Solo-Owner 401(k) plan goes under different names depending on
the provider of the plan. Make sure you are aware in advance of
the fees that may be associated with rolling over or transferring
your money into or out of your Solo-Owner 401(k) plan.
For more information on the Solo-Owner 401(k) plan and other ways
to get money out of your retirement plan while minimizing the taxes
and penalties visit www.InvestSafe.com
Daniel Lamaute is a Retirement Investment Specialist and principal
of Lamaute Capital, Inc. member NASD/SIPC. He can be reached on
www.InvestSafe.com
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Tax Planning & Financial Planning For Small BusinessThe repeal of the people at large tax will approach the motivate of significant tax al the less well-to-do to satisfy the really, really Read more...
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Pensions Guide: Private Pensions
By Benedict Rohan
2006-11-21 It’s now unlikely that the state pension will be enough to keep you living comfortably when you retire. It provides only basic Read more...
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Monaco Closes The Door On Some Millionaires
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Hoping to move to a tax free country, some Monaco property buyers are already paying nearly US $1,000,000 for studio apartments, but Monaco property prices could still rise steeply in the next couple Read more...
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Pedata RV Center Looking Forward to Offering Hybrids to RV Consumers
Pedata RV Center sees the introduction of new technology as a wonderful indicator of positive movement for the recreational vehicle industry. As financing problems arise to cast shadows, the introduction of amazing new technologies like the Fleetwood Hybrid offer hope for a brighter future. On December 26, 2008, Fleetwood Enterprises RV Group presented its Hybrid motorhome offering an increased fuel economy up to 42%. Pedata RV Center looks forward to offering the Fleetwood Hybrid to consumers. (PRWeb Jan 6, 2009)
Read the full story at http://www.prweb.com/releases/PedataRV/Hybrid/prweb1824444.htm ]]>
Holland Motor Homes Joins Newell Coach Sales-and-Support Team
Newell Coach Corporation, the leading seller of luxury motorcoaches priced at $1 million and above, announced that Holland Motor Homes of San Diego, CA, and Holland, MI, will be offering sales-and-service support for Newell motorcoaches. This will be more convenient for Newell customers in California, Arizona and Nevada; and Michigan, Illinois, Ohio, and Wisconsin. (PRWeb Jan 6, 2009)
Read the full story at http://www.prweb.com/releases/2009/01/prweb1643624.htm ]]>
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