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Home Business Operation Basics
One of the least talked about, yet very important aspects of running an online business is the organization and actual operation of the business. Any successful business, offline or online, needs to be organized from the beginning. Even a one-man...
Home Business, What's So Great About It?
Home Business allows you more time to do what you want.
Home Business gives you more freedom i.e. no more 9-5 job.
Because a Home Business is well.... at Home, you don't have to travel far to get there.
Just come down stairs in your...
Home Office Feng Shui
Whether you believe in the Oriental powers of feng shui or not, there are an increasingly large number of people who do. Either way, it's fun to examine different ideas, so let's take a look at your home office from the feng shui point of view....
Running a Successful Home Based Business on the Web
Many people these days are looking into starting their own
ecommerce business, or looking into expanding their existing
business onto the web. Once they get this idea they go online
and research for hours on how to run a successful...
Search Engines Are A Source Of Tension In An Online Home Business
For a long time I have been a member of several search engine
optimization forums and I have recently noticed that the stress
level of many webmasters has gone way up (this is especially
true since Yahoo and MSN have decided to seriously try...
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The Individual 401k - BIG Business Benefits For The Home Business
Major mutual fund and investment management companies now offer
self employed individuals 401k plans that are easy to install
and administer at very low cost. What's more independent
contractors and small business owners can borrow part of
their retirement savings tax-free and penalty free by taking
advantage of a loan provision in these new plans. Depending
on who's offering them, these individual plans are sold under
different trademarked names such as (solo 401k, uni-k plan,
personal(k), one person 401k, mini-401k, solo-owner 401k,
etc.,.)
Small business owners can establish an individual 401k and
transfer their IRA, 401k, 403b, or other qualified retirement
funds into this new retirement plan. Once the funds are in
the plan, owners can borrow 50% of their 401k account balance
up to $50,000 tax-free and penalty free provided they pay back
the loan.
Any business owner with no employees other than co-owners or
spouses can establish an individual 401 k plan. It doesn't
matter if you are a startup or been in business for years.
Your may work as an independent contractor with 1099 income,
freelancer, sole proprietor, or in a partnership, Limited
Liability Company (LLC), or corporation.
.
It is fairly common for employees of large companies to have
the option to borrow from their 401(k). But before 2002, small
business owners were not allowed the same privilege. Instead,
owners needing to tap their retirement funds for whatever
reasons had to take cash distributions from their IRAs or
other retirement accounts. This required them to pay federal
and
state taxes on the distributions, plus generally a 10%
penalty if they were under age 59 ½. They also lost the chance
to put the money back into their retirement accounts.
Borrowing from an IRA is still prohibited. But one can
consolidate his individual retirement accounts into a
401 k and borrow from the 401k.
However, the individual 401 k is more than just a good tool
to borrow money. It also lets you contribute more towards your
retirement. You can make tax-deductible contributions to this
plan at levels more generous than other retirement plans such
as the SEP, SIMPLE, profit sharing and money purchase plans.
Every year millions of Americans start new businesses and take
cash distributions from their retirement accounts to keep them
solvent until the business gets going. In the process these
entrepreneurs forfeit a large chunk of their retirement money
to taxes and penalties. From now including a 401 k search will
probably become routine whenever small business owners look
to set up a retirement plan. With all of its features, the
individual 401(k) is bound to be a serious contender when it
comes to choosing a small business retirement plan.
About the Author
Daniel Lamaute, CEO of Lamaute Capital specializes in
helping people get the most benefit from their retirement
investments. Take cash payments from your retirement funds
the smart way. Get your FREE SOLO-OWNER 401K INFORMATION
KIT. Kit includes a prospectus with detailed information
about the plan, investments, sales charges and expenses.
Visit http://www.investsafe.com to order kit.
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