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Business owners Forbes Retirement Planning SEP IRA Tax planning

Small Business Owners: There’s Still Time to Save on Taxes (and for Retirement) with a SEP IRA

Update: The IRS has delayed the 2019 tax filing deadline until July 15th, 2020. Accordingly, the latest date to fund a SEP IRA for the 2019 tax year is July 15, 2020. A SEP IRA offers business owners the benefits of accelerated retirement contributions from a workplace retirement plan with…

Kristin McKennaMarch 12, 2020

401(k) Plans Business owners Employee benefits Retirement Planning Secure Act SEP IRA Solo 401(k)Updated for 2020

3 Retirement Plans for Small Businesses: How They Compare

What's the best retirement plan for small businesses? Business owners with employees have several options: traditional 401(k) plan, SIMPLE 401(k), SIMPLE IRA, and SEP IRA are the most popular. The best option will depend on factors unique to your business such as budget, employee makeup and funding goals (for yourself,…

Kristin McKennaJanuary 7, 2020

401(k) Plans 403(b) Plans 529 Plans Brokerage Account Business owners College planning Current events Employee benefits Financial Planning Inheritance Retirement Planning Roth IRA Secure Act SEP IRA Traditional IRA Updated for 2020

The Secure Act Means Major Changes to the Retirement System

The Secure Act was signed into law on December 20th, 2019, solidifying the most significant changes to the retirement system in over a decade. Though clarification on some of the finer points of the legislation will be needed from the IRS, there is plenty we already know about the Secure…

Kristin McKennaDecember 21, 2019

Business owners Retirement Planning Secure Act Solo 401(k)Tax planning Updated for 2020

Small Business Retirement Plans with Tax Benefits for Solos, Part-timers, or Companies with Employees

Self-employed business owners and entrepreneurs working for themselves part-time have a lot of flexibility when it comes to saving for retirement and managing their taxes. Though self-employed retirement plans are quite easy to set up and fund, there are some deadlines to be aware of. Particularly for individuals with significant…

Kristin McKennaOctober 15, 2019

Business owners Financial Planning Solo 401(k)

What to Do Before Quitting Your Job to Start a Business

Before you quitting a corporate job to start a business, it's important to properly prepare for the transition. Getting your personal finances organized and properly set up before making the jump helps reduce risk and gives you more time to focus on the new venture. Take stock of what you'll…

Kristin McKennaJuly 25, 2019

401(k) Plans 403(b) Plans Business owners Retirement Planning Secure Act Solo 401(k)Updated for 2020

Two Jobs, Two 401(k)s? Contributing to Multiple 401(k) Plans

Can I contribute to more than one retirement plan? This is a common question for individuals that have more than one job or run their own business part-time. Many workers in this situation wonder if they can contribute to two 401(k)s at once. Yes, you can have multiple active 401(k)s,…

Kristin McKennaMarch 29, 2017

401(k) Plans Business owners Infographics Retirement Planning SEP IRA Solo 401(k)Tax planning Updated for 2020

SEP IRA vs Solo 401(k): What’s the Best Retirement Plan for Small Business Owners?

Updated for 2020. Business owners have several retirement plans to choose from. For small companies, the SEP IRA and Solo 401(k) are the most common. What are the pros and cons of the SEP IRA vs Solo 401(k)? Determining which plan is best suited for you will depend on certain…

Kristin McKennaFebruary 8, 2017

401(k) Plans Business owners Retirement Planning Solo 401(k)Updated for 2020

Self-Employed Retirement Plan: Solo 401(k) for Business Owners Without Employees

If you're looking for a self-employed 401(k) look no further than the Solo 401(k) plan. The Individual (or Solo) 401(k) plan is very similar to a Traditional 401(k) plan, only designed for business owners with no employees. Compared to the other types of retirement plans typically used by small business…

Kristin McKennaDecember 7, 2016

Business owners Retirement Planning SEP IRA Updated for 2020

The IRA for the Self-Employed: Tax & Retirement Planning with a SEP IRA

The Simplified Employee Pension (SEP IRA) is a type of a Traditional IRA typically adopted by self-employed small business owners (sole proprietors, partnerships, C and S corporations), and the self-employed. Unlike most types of retirement plans, the SEP IRA is almost always funded exclusively by the employer – employees generally cannot contribute to this…

Kristin McKennaNovember 23, 2016

401(k) Plans Business owners Retirement Planning SEP IRA Solo 401(k)Updated for 2020

Retirement Strategies for Small Businesses

Updated for 2020. It can sometimes be difficult for business owners to plan for retirement while keeping up with the demands of running a company. Setting up a retirement plan may seem daunting or cost prohibitive, but it is important small business owners are aware of the ways to save…

Kristin McKennaDecember 9, 2015