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Going it Alone Individual-Business
 A one-participant 401(k) plan, often known as a solo or self-directed 401(k), is generally a good retirement plan option for solo entrepreneurs. Although this plan typically has the same requirements as any 401(k) plan, providers may offer solo retirement programs that are less complex and more cost-friendly.
Big Savings
One advantage of a solo 401(k) plan, compared to a SIMPLE plan or IRA, is the larger contribution limit. You may contribute up to $18,500 annually (and an extra $6,000 if age 50 or older) as an employee, up to 100% of earned income, plus make an additional contribution as the employer. If you’re self-employed, “earned income” is defined as net earnings from self-employment after deducting one-half of your self-employment tax and contributions.
These 401(k) plans also feature tax-deferred contributions and potential growth, and may particularly provide a good retirement solution for higher-income individuals.
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To learn more about KVLSM LLP,
visit www.kvlsmcpa.com.
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