HELP with Retirement Investing for sole proprietor?
I recently started my own LLC and need help knowing how much I can deduct for retirement off my taxes. Prior to Nov 1, I was in a regular job and maxed out my 401(k) ($16,500) and for the final 2 months I will be a sole proprietor. How can I maximize the amount to put into retirement and take off my taxes? (Or can I?)
Asked By: Beth C - 11/8/2009
Best Answer - Chosen by Asker
there is an owner only retirement plan that goes by different names at different companies. Waddell & Reed calls it "Exclusive K". It allows for contributions up to almost $50,000 per year. Can it be used in conjunction with your existing 401k from your previous employer? probably - but you should check that part... More
Answered By: witz1960 - 11/8/2009
Additional Answers (1)
Like the first poster said, you can create your own "Solo 401k Plan" that includes a "Profit Sharing Provision". This will allow you to contribute additional money on a tax deferred basis up to $49,000 (in total -- the $16,500 plus an additional $32,500 of profit share... More
Answered By: zeuz - 11/8/2009
Over 483 Local Jobs Now Hiring In Your Area. $18-$87/Hr - Apply Today!
Legitimate Survey for Cash.Extra Money for You,Join Here!
She makes $100,000/year online from home. Read her story to learn how.
Shop Online or Sign Up To Sell AVON & Earn Fast Cash Today!
Other Career Questions
Do most mechanical engineering jobs offer job security?
What is your current job? Why did you choose this job? What do you enjoy about your job? What do you dislike about your job? What would be your perfect job? Would you rather have this j...
Where are the jobs? Is productivity and globalization creating a permanent “recession” of jobs? My main issue is I am doing a paper for school and have no idea where to begin. I was hoping suggestions...
Content is not owned or controlled by Monster. Any content concerns should be addressed with Yahoo!
Yahoo! Does not evaluate or guarantee the accuracy of any Yahoo! Answers content. Yahoo! Disclaimer.
Best-Paying Work-from-Home Jobs
It’s easier than ever to work from home. Of course, not every job is a mobile job, and some companies aren’t interested in having their employees work from home.
2013 Marketing Jobs Outlook
The US may be facing another year of anemic hiring overall, but that won't be the case in the high-orbit world of multichannel, digital media marketing.
2013 Engineering Jobs Outlook
Engineers will find job opportunities in select disciplines in 2013, with candidates who are all-around, client-oriented businesspeople in demand.
Best-Paying Jobs by Major
What could you earn with a particular four-year degree? Find out by checking out this list of the top-paying jobs for 20 of the most common majors.
Eight High-Paying, Secure Jobs
Want to earn a good salary and enjoy a measure of job security as well? Check out these well-paying jobs on tap for fast growth in the coming years.