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10 top tips for networking
By SJ Beale of Lightning Connection.biz 1. Recognise the importance of networking Ask any successful business person and they will tell you that above all else networking skills are absolutely vital to grow your business. Networking can increase...
Business Stationery, Part 2
In the first lesson, we learned how to create a Letterhead. In this article, we will learn to create other stationery items using our template.
Making Compliment Slips:
In Microsoft Word, click on 'new' from the toolbar. A new file...
Disaster Prevention - 13 Lucky Tips for Small Business
In the face of a disaster, keep one thing in mind: If you can
live through it, so can your business - most of the time.
But you need to plan ahead.
Sadly, most small and home-based business owners won't do that.
It's a tragic way to reduce...
Discover the Secret to Success in Your Own Back Yard
Yesterday, I went above and beyond the call of duty for community service. Thanks to me, not one black fly within a five-mile radius of my home went to bed hungry last night, and because of my loyal patronage and recurring need for calamine...
Selecting Sales Tracking Software For Your Small Business
Your buddy at the barbecue tells you how the new Customer Relationship Management (CRM) software which they recently installed at their company has revolutionized their sales tracking and sales management.
He waxes lyrical about no more sales...
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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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| www.smallbusinessbc.ca |
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| Small Business Service | Home |
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| Small Business Development Corporation |
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