Category - Chap 12 - Retirement Planning

Most people have a pretty good handle on personal finance and basic retirement savings, and while the principles are generally the same in the small business world, a lot of business owners have a deer caught in your headlights at 2:00AM look when it[...]

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There are two plan basics, either a defined contribution plan or a defined benefits plan[...]

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If financial planning is being skipped, then you need to boil things down a bit. There are three very simple questions that need to be asked and in most cases the last question is the most important[...]

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Many taxpayers walk into our offices at WCG and tell us they want to pay fewer taxes. Who doesn’t? We usually chuckle, and tell the client that he or she is the only one and it is sooooo refreshing to hear someone want to pay fewer taxes. Sorry for [...]

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A 401k plan is a defined contribution plan. Specifically, the name 401k refers to the section in the IRS code that allows for retirement plan contributions to give you an instant tax savings. Technically it is Title 26, Chapter 1, Subchapter D, Part [...]

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The i401k, solo 401k, solo k, uni k, or owners-only 401k is a great small business retirement plan for[...]

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If you have a staff, but you do not want to deploy a company-sponsored 401k plan, you can still maintain an owners only self-employed 401k plan by excluding employees[...]

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There are 401k plans that allow you to invest into non-traditional investments such as real estate or buying a business. A common phrase you hear in a ROBS 401k which stands for Rollover for Business Start Ups. It is beyond the scope of this chapter[...]

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Typically an employee must be allowed to participate in the 401k after obtaining 21 years of age and one year of service. One year of service is defined as 1,000 hours in any calendar year, plan year or rolling 12-month period of time[...]

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Solo 401k plans do not need a safe harbor provision- this is reserved for company-sponsored 401k plans. Regardless, we believe you should understand the rules[...]

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