Set-up a Solo 401(k) Plan before December 31 to take advantage of up to $56,500 in tax savings
IRA Financial Group, the leading provider of self-directed solo 401(k) retirement plans, introduces a special year-end guarantee set-up program for all new solo 401(k) plan clients. “We are committed to helping self-employed individuals and small business owners with the opportunity to establish a self-directed Solo 401(k) plan for the 2013 taxable year,” stated Susan Glass, a 401(k) plan tax specialist with the IRA Financial Group.
A Solo 401k plan, also known as an individual 401(k) plan offers one the ability to make annual contributions of up to $51,000 ($56,500 for those over the age of 50), borrow up to $50,000, as well as use his or her retirement funds to make almost any type of investment on their own tax-free and penalty free without requiring the consent of any custodian or person. “To take advantage of the tax deductible contribution benefits for the taxable 2013, we felt it was important to offer a service that guarantees that the solo 401(k) plan would be established in 2013, “ stated Ms. Glass.
For the 2013 taxable year, establishing a solo 401(k) retirement plan offers a self-employed individual a number of exciting tax, retirement, and investment advantages, including the ability to defer up to $56,500 annually as well as make real estate investments” stated Adam Bergman, a tax attorney with the IRA Financial Group. “IRA Financial Group’s solo 401K plan is unique and so popular because it is designed explicitly for the self-employed professional and small business owners with no full-time employees who want a flexible retirement plan with no burdensome annual administrative requirements, “ stated Ms. Glass.
There are many features of the IRA Financial Group’s Solo 401K plan that make it so appealing for small business owners.
-High Contributions: IRA Financial Group’s Self-Employed 401K plan will allow a plan participant to make annual contributions in 2013 up to $51,000 annually with an additional $5,500 catch-up contribution for those over age 50. The high contribution feature is one of the reasons a self-employed 401K plan is the most popular retirement vehicle for the self-employed.
Tax and Penalty free loan: IRA Financial Group’s Self-Employed 401k plan allows plan participants to borrow up to $50,000 or 50% of their account value (whichever is less) for any purpose, including paying credit card bills, mortgage payments, or anything else. The loan has to be paid back over a five-year period at least quarterly at a minimum prime interest rate (you have the option of selecting a higher interest rate).
-Checkbook Control: With IRA Financial Group’s Solo 401k plan, a plan participant will be granted checkbook control over his or her retirement funds. With IRA Financial Group’s self directed Self-Employed 401K plan, the plan account can be opened at any local bank, including Chase, Wells Fargo, and even Fidelity. In addition, the plan participant can make almost any traditional as well as non-traditional investments, such as real estate, precious metals, tax liens, and much more.
-Roth Contributions & Conversion: IRA Financial Group’s Solo 401(k) plan contains a built in Roth sub-account which can be contributed to without any income restrictions. In addition, the individual 401(k) plan allows for the conversion of a traditional 401(k) or 403(b) account to a Roth sub-account.
-Easy Administration: IRA Financial Group’s individual 401(k) plan is easy to operate. There is generally no annual filing requirement unless the self-employed 401(k) Plan assets exceeds $250,000, in which case a short information return with the IRS (Form 5500-EZ) must be completed.
The IRA Financial Group was founded by a group of top law firm tax and ERISA lawyers who have worked at some of the largest law firms in the United States, such as White & Case LLP, Dewey & LeBoeuf LLP, and Thelen LLP.
IRA Financial Group is the market’s leading “provider of IRS approved self-directed individual 401(k) plans. IRA Financial Group has helped thousands of clients take back control over their retirement funds while gaining the ability to invest in almost any type of investment, including real estate without custodian consent.