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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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CNBC Special: A history of video game industry?]]>Stocks rise on airline merger talk (Reuters)?]]>US Airways makes bid for Delta?]]>Sentry Select Total Strategy Fund and C.A. Bancorp Inc. and Sentry Select Capital Corp.: Sentry Select Total Strategy Fund 'TSX:TSF.UN' Announces Intention to Make Normal Course Issuer Bid?]]>
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
Here are some more financial planning articles...
Iras And Early Retirement
By Robert D. Cavanaugh, CLU
Dual income families and megabucks 401(k) plans are common socio-economic trends that get today's Boomers thinking about early retirement. If you elect to retire early and roll your 401(k) plan into Read more...
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Are You Required To Report Your Ebay Earnings?
By Kristine McKinley
Many people ask me if they are required to report the profits they earn on items they sell on eBay on their income tax return. In short, yes.If you sell items on eBay for a profit, then you Read more...
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Vital Verifications
By Paul Pratt
Sometimes to get a higher purchase price, a seller will inflate the amount of income a property produces or simply fail to mention all of the expenses actually required to maintain the property. As Read more...
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Some Accountants Offer Poor Business Planning Guidance
Sibling Tax Planning & Financial Planning For Small BusinessIf such a tax is levied on inherited funds then it can move whereas a de facto probate or inheritance tax. Satisfactory Read more...
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National, Regional Retirement Experts Highlight Oct. 1-3 Myrtle Beach NARA Retirement Conference
The National Active Retirement Association will host its 9th Annual Business Conference on Oct. 1 -3. The conference, entitled, "Solving the Active Adult Puzzle" will be held at the oceanfront Hilton Myrtle Beach Resort. National retirement/boomer experts will host informative sessions. Topics include marketing products and services, building and retiree attraction to towns/cities. (PRWeb Sep 5, 2008)
Read the full story at http://www.prweb.com/releases/2008/09/prweb1281724.htm ]]>
DwellGreen's "Greenest Building in Florida" Wins Four 2008 Aurora Awards for Excellence in High-Performance Building
A Florida home built by Sarasota's DwellGreen, Inc. has won four 2008 Aurora Awards, including one Grand Aurora, for excellence in the category of green building. This home was previously certified in June 2008 by the Florida Green Building Coalition as the highest performing green home in Florida built to date. (PRWeb Sep 5, 2008)
Read the full story at http://www.prweb.com/releases/green/construction/prweb1277664.htm ]]>
CNBC Special: A history of video game industry
?]]>Stocks rise on airline merger talk (Reuters)
?]]>US Airways makes bid for Delta
?]]>Sentry Select Total Strategy Fund and C.A. Bancorp Inc. and Sentry Select Capital Corp.: Sentry Select Total Strategy Fund 'TSX:TSF.UN' Announces Intention to Make Normal Course Issuer Bid
?]]>
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Financial Planning is the task of determining how a business will afford to achieve its strategic goals and objectives. Usually, a company creates a Financial Plan immediately after the vision and objectives have been set. ...
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