Yes, You Can Have A Retirement Account
As entrepreneurs you have many opportunities to set your finances up for success. Retirement plans and options are available, you just have to plan and set up your business up to include them. An option for some business owners may be starting with a savings account and setting aside an amount you will send to your 401K plan consistently. The important key to the process is being realistic and consistent. Today, we share one option for entrepreneurs and small business owners to get them started on establishing their retirement.
"Advantages that a 401(K) has over a SEP-IRA include the ability for the individual to take a loan from the plan, which is not allowed with IRA type arrangements. The maximum total contribution that an individual is allowed to make a solo 401(K) is the same that is allowed for a SEP-IRA ($53,000); however the percentage of income limitation on SEP-IRAs and solo 401(k) plans is calculated differently."
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Source: PWC:Managing your wealth
As a solo owner, the control starts and ends with you. Just as well as procrastination, will start and end with you." - Fontenot & Associates Solutions.
Hello, I'm Terra the Founder and Marketing Director of Fontenot & Associates Solutions. Thank you for joining my Accounting world. Our blog's purpose is to teach with the determination of closing industry and accounting process gaps that knowingly exist with our uniquely designed detailed procedures and trainings.
My mission is to offer the best accounting results for all companies seeking to close their process gaps with actual solutions. With my Bachelors and Masters Degree in Accounting, I strive for continuous development and professional growth in this profession. My professional career has been in the Oil & Gas industry for nearly the past 10 years but my business focus is to support and train accounting professionals in all industries.