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10 Sales Tips for Small Business Owners
Running a business is easy compared to the act of selling. As a small business owner you started your business to deliver a superior product or service, not to become a salesperson. None-the-less you must master basic sales skills or risk losing...
Four Principles of Emerging Market Success
Emerging markets are high risk and high reward. In my work as an attorney representing Western companies in emerging markets, I have concluded there are four essential elements to emerging market success: a good partner, an open mind, active...
How to Grow Your Ezine Subscriber List
Your ezine subscriber list is a very valuable group. They are interested in your product of service. They *want* to hear from you occasionally. They are interested in what's new with the subject and have asked to be kept in the loop.
When...
How To Start A Profitable Home-Based Business
These days, it's becoming increasingly more difficult to make ends meet with just one source of income. Thus, more and more people are investigating the possibilities of starting their own extra-income business. Most of these part-time endeavours...
Parenting and Running a Home-Based Business
An Ann Landers column "Parenthood is not a job for the weak at heart" caught my interest.
Job Description for a Parent
Position: Parent
Job Description: Long-term player needed for challenging, permanent work in chaotic environment....
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SMART NEW FINANCING TOOL FOR THE SMALL BUSINESS OWNER
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 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
About the Author
Daniel Lamaute is a Retirement Investment Specialist and principal
of Lamaute Capital, Inc. member NASD/SIPC. He can be reached on
www.InvestSafe.com
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| United States Small Business Administration |
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| Business & Small Business |
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| Small Business Service | Home |
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| NSW Small Business |
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| Small Business Development Corporation |
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