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Analyzing Customers in Your Business Plan
The Customer Analysis section of the business plan assesses the customer segments that the company serves. In it, the company must 1) identify its target customers, 2) convey the needs of these customers, and 3) show how its products and services...
Personal Vs small business credit card
Credit cards seem to have become a fad today. Almost everyone
has a personal credit card today (a lot of people have more than
one credit cards). Though most of the people use personal credit
cards for what they are really meant for, some are...
Small Business Debt Collections Law Trap
When someone owes your small business money, you certainly feel like a victim. But did you know that if you aren't careful, you could break the law by trying to get the money back? How to Break a Federal Debt Collection Law You have a small...
Small Home Business: Effective Ways To Reduce Your Costs
One of the advantages of conducting your own small business is you can significantly reduce your costs by controlling a few simple processes. Here are ten useful ways to reduce your business costs. 1. Network With Non Competing Businesses This...
Time for a Clean Out
Time has flown. It's been six months since you came back from your relaxing holiday over Xmas and New Year.
Remember when you charged into the office that first day, all primed to make the new year the best ever. You made a New Year's...
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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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| Small Business Service | Home |
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