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The Self-Employed 401(k) for Self-Employed Freelance Workers and Home-Based Small Business Owners

by Daniel Lamaute

Small Businesses & The Self Employed Can Now Contribute to a 401(k) Plan

Thanks to the Economic Growth and Tax Relief Reconciliation Act of 2001, small businesses - whose only employee is the owner or the owner and spouse - can open and contribute to a Self-Employed 401(k) plan. This plan provides a great tax break to the smallest business owners. In addition to the possibility to shelter from taxes a large portion of income, the Self-Employed 401(k) offers other benefits for cash-strapped small business owners.

It doesn't matter if you started your business last week or several years ago. Any single business owner, an independent contractor with 1099 income, freelancer, sole proprietor, or in a partnership, Limited Liability Company (LLC) or corporation, can tap into the full benefits of the Self-Employed 401(k) plan.

The key benefits of the Self-Employed 401(k) plan include:

. High limits on contributions:

The limits for elective salary deferrals and employer contributions enable sole proprietors in tax year 2003 to contribute up to the lesser of 100% of aggregate compensation or $40,000 ($42,000 if age 50 or older).

. Contributions are fully-tax deductible

and are based on compensation or earned income.

. Assets can be rolled from IRAs

or other retirement plans to a Self-Employed 401(k). There is no limit on roll-overs.

. The account holder can take a loan that is tax-free and penalty free

from the Self-Employed 401(k), up to 50% or $50,000 of the account balance, whichever is less.

Small Business Owners / Freelancers Can Take a Tax-Free Loan From Their Self-Employed 401k Plan.

Instead of raiding your IRA to finance their business - and paying a big penalty to the IRS - small business owners can take a tax-free loan from their Self-Employed 401(k) and keep their hard earned money working for them. This plan offers small business owners all the benefits of a big company 401K without the administrative expense and complexity.

By Daniel Lamaute, Lamaute Capital, InvestSafe.com . Anyone can visit www.investsafe.com to request a free information kit on the Self-Employed 401(k) plan for the self-employed and small business owner.

 

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