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A Solo 401(k) (also known as a Self Employed 401(k) or Individual 401(k)) is a 401(k) qualified retirement plan for Americans that was designed specifically for employers with no full-time employees other than the business owner(s) and their spouse(s). The general 401(k) plan gives employees an incentive to save for retirement by allowing them ...
A solo 401(k) plan is a retirement account for self-employed individuals or business owners with no full-time employees, but the IRS says you can use the plan to cover you and your spouse. There ...
Business profit-sharing contributions are based on your net profits minus half of your self-employment tax and the plan contributions you made for yourself (and any participating spouses). The ...
The right self-employed retirement plan depends so much on your individual circumstances, but for those who are the company’s sole employee (also including a spouse), the solo 401(k) is a great ...
A Simplified Employee Pension Individual Retirement Arrangement (SEP IRA) is a variation of the Individual Retirement Account used in the United States. SEP IRAs are adopted by business owners to provide retirement benefits for themselves and their employees. [1] There are no significant administration costs for a self-employed person with no ...
A SEP-IRA was one of the first retirement plans devised for the self-employed. With a SEP, you’re allowed to contribute up to 25% of an employee’s compensation into a SEP retirement account.
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