Glendale, AZ (PRWEB) October 25, 2011
Blue Diamond Documents, a leader in self directed IRA LLC formation, is proud to offer Solo 401k plans also known as individual Ks to small business owners. Katie DeYoung of Blue Diamond Documents states “It is important for small business owners to save for their retirement. Most small business owners don’t realize that they could be saving for their retirement future and getting a nice tax break for their company at the same time”. Incorporated businesses can generally deduct the salary deferral contribution from W-2 earnings and the profit sharing contribution as a business expense. Unincorporated businesses such as sole proprietors can generally deduct salary deferral and profit sharing contributions made to an individual 401k from personal income.
Solo 401ks were created for business owners that have no employees. It is a perfect retirement plan for Sole proprietors or partners who have no common law employees. For 2010 and 2011, you can contribute either pre-tax or Roth employee deferral contributions of up to $16,500. Individuals age 50 or older can make an additional $5,500 catch-up contribution. For 2010 and 2011, the combined employer and employee contributions cannot exceed $49,000 ($54,500 for individuals using the $5,500 age related catch-up contribution).
If you are a small business owner and you want to learn more about our affordable Solo 401k plan, contact us today at tim(at)checkbookiraprep(dot)com or call us toll free 877-318-0048. Also visit our website at http://www.checkbookiraprep.com.
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