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7 Stress Saving Strategies for Beating the Small Business Cash Flow Blues
Small business owners can relieve a lot of their own cash flow
problems, according to Caroline Jordan, small business advisor
and author. "Small business owners have more control over their
cash flow than they realize." says Jordan.
To help...
Becoming A Solution To Your Customers Problems
Those of us in home based and small businesses are in effect selling our product. So becoming an effective salesperson is very important. Remember, however, that selling is not the only thing you do. Don’t forget to use your time wisely.
...
Entrepreneur and Mom
When I was 12 years old, I had surgery with complications. I was told there was a chance I would not be able to have children. Growing up I could not imagine my life without children and worried about it often. When I got married close to my...
Get Off Your Butt and Out of the Rut
It's amazing to see so many people who are prepared to sacrifice their lives for the sake of their careers. I'm sure you know of someone like that. They get up at the crack of dawn, drag their weary bodies out of the house and head off for another...
Time Management Tips for Managers
Late last year I was presenting a workshop for the senior managers of a major organisation. Whilst doing a pre-workshop survey to assess the challenges these managers were experiencing it became very apparent to me that many of them were showing...
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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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