SMART NEW FINANCING TOOL FOR THE SMALL BUSINESS OWNER
Pressed for cash, many people will take money out of their individual retirement account (IRA) as a means to get quick access to capital. They do this even though they have to pay taxes and generally if they are younger than 59 ?, also pay a 10% penalty on the money they withdraw.Only as a last resort should one touch their retirement savings for anything other than retirement expenses. But, in those cases when you need to tap into your retirement savings, a way to get money out of your retirement account without paying the penalty and deferringthe tax was just made available beginning in 2002, as a result of a tax law change.Under the new law, those with a small business and no employees or only a spouse as an employee can establish Solo-Owner 401(k) plans and take a loan from those plans. The loan from the Solo-Owner 401(k) is not treated as a withdrawal. As such it is not subject to tax and the 10% penalty for early withdrawal as long as you repay the loan on time.You can roll over or transfer the funds you have in your IRAs, 401(k), 403(b), or other qualified retirement funds into your Solo-Owner 401(k) and then borrow from the balance in your Solo-Owner 401(k) plan.Employees of large corporations for the most part always had the ability to borrow from their 401(k).
Now small business owners, such as freelancers, consultants, and entrepreneurs, who have left the corporate world also have that choice. They can borrow up to the lesser of $50,000 or 50% of the balance in their 401(k). A Solo-Owner 401(k) plan gives small business owners the opportunity to defer up to $40,000 per year in a tax deferred retirement plan and the flexibility, should they ever need it, to borrow from their retirement funds. The Solo-Owner 401(k) plan goes under different names depending on the provider of the plan. Make sure you are aware in advance of the fees that may be associated with rolling over or transferring your money into or out of your Solo-Owner 401(k) plan.
For more information on the Solo-Owner 401(k) plan and other ways to get money out of your retirement plan while minimizing the taxes and penalties visit www.InvestSafe.com.
Estate Planning and Insurance Concerns When You Divorce
If you are getting a divorce from your spouse, you have a lot of planning to do.
You will need to name your own beneficiaries, organize your divided assets, and
set up your individual estate. It is important that you meet with a qualified attorney to discuss the specifics
of planning your estate to ensure that your wishes are carried out as you desire. You need to be well versed in the most strategic methods of dividing your joint estate so that you do not end up paying all of the taxes while he or she enjoys the benefits of your assets. I have outlined some important information for you to be aware of when planning
your estate after your divorce.
Please keep in mind that divorces lend themselves
to new structures for individuals. You will want to meet with a qualified attorney
to discuss how to best protect your new estate. Assigning Your Beneficiary
During your marriage, chances are your spouse was the...
Ira > Estate Planning and Insurance Concerns When You Divorce
Take Advantage of End-of-Year Tax Breaks for the Self-Employed Physician and Healthcare Professional
There are lots of advantages to being self-employed that include quite a few tax breaks.
Even individuals who are just moonlighting on the side are allowed to set up a retirement plan for their own business and sock away a portion of the money earned into a pre-tax account.
According to Andrew Schwartz, CPA and founder of the MDTAXES Network of CPA's who specialize in providing tax and accounting services to healthcare professionals, "That holds true even for physicians and healthcare professionals who work for a hospital or clinic and are currently participating in that company's retirement plan."
Schwartz lists tax-savings situations for the self-employed as follows:? In 2004 self-employed individuals can contribute up to $18,000 into a SIMPLE
or up to $41,000 into a SEP or a Solo 401(k), depending on their income and whether they participate in a 401(k) plan or 403(b) plan through another employer. Self-employed individuals or Healthcare professionals...
Ira > Take Advantage of End-of-Year Tax Breaks for the Self-Employed Physician and Healthcare Professional
Financial Planning for Singles
Financial planning often gets a bad rap. Part of the problem is self-inflicted, since some industry participants would rather sell you a product than address your financial concerns. The process of planning is important, though, whether done with a professional or on your own. After all, you wouldn't leave on a long trip without looking at a map ? a poor analogy for some of us men, but you get the idea.So where should you start? That really depends on you and your situation. Since everyone has different goals, needs, risk tolerances, and concerns, everyone needs a unique plan.
But in general, planning needs to take into account at least three major areas ? insurance, investments, and estate planning. While you can fill a library with all the necessary information to properly address these issues, below are a few single-specific tips to help you get started.InsuranceInsurance is confusing. It comes in all shapes and sizes and covers everything from your car to your health. You...
Financial Planning for Singles
Ira > Financial Planning for Singles
Writing the Chapters of Your Life: Surprising Insights Using This Special Journaling Technique
You have permission to publish this article electronically or in print, free of charge, as long as the bylines are included and the resource box is left unchanged. A courtesy copy of your publication would be appreciated. Writing the Chapters of Your Life: Surprising Insights Using This Special Journaling TechniqueCopyright 2004 Journal Genie, The Website That Talks Backhttp://www.journalgenie.comList-making is a favorite journaling technique and is often used to quickly jot down a numbered record on topics like "my beliefs," "my pet peeves," "the things I hate about myself," or "my strengths." However, there's a special type of list technique that moves beyond a simple itemization and into the realm of significant self-awareness. This special technijque has several names, including table-of-contents, life chapters, and stepping-stones, the latter term used by journaling expert, Ira Progoff. Using this technique the writer lists their most important life events, as though they were chapter...
Writing the Chapters of Your Life: Surprising Insights Using This Special Journaling Technique
Ira > Writing the Chapters of Your Life: Surprising Insights Using This Special Journaling Technique
INTELLIGENT INVESTING
Talk at the "cooler" about investing, is usually around Stocks.Although I make money in Commodities, there is a "safe" way -that banks and investment houses use, but they won't tell You!How about a product that returns 12 - 42%, is 100% insured andbacked by the assets of the wealthiest institutions on the planet.Your banker takes your "CD" money and invests in this vehicle. Now you can turn the tables with this special insurance contract.Earn ROR equivalent to, or exceeding, the equity markets!Without any market risk or risk to principal - Guaranteed!!!Its called a Viatical Settlement - and here is how it works.Viatical Settlement - the sale of a life insurance policy at adiscounted rate to a group of investors by a person who is inthe advanced stages of a terminal illness.The Investors hold the policy and receive the full face value ofthe policy at maturity. A win-win situation. The "viator" is ableto enjoy the cash proceeds of his policy while still alive, andthe investor receives...
INTELLIGENT INVESTING
Ira > INTELLIGENT INVESTING
Find Out Now If The New Roth 401(k) or 403(b) Is An Option For You
Woburn, MA (ContentDesk) October 26, 2005 -- Employers who offer 401(k) or 403(b) plans can start to offer their employees a Roth version of their plans on January 1, 2006. So, now's the time to ask your employer's benefits department whether they have started the process of amending their plan documents.
Don't be surprised if your employer balks, however, since Roth 401(k) s are scheduled to sunset on December 31, 2010 - meaning you'll have only five years to contribute to this type of account, unless a future tax bill extends their shelf life. A Traditional Salary Deferral Plan Versus A Roth
While contributions made to your current 401(k) or 403(b) plan reduce your taxable earnings, you will be taxed on money withdrawn from these retirement savings accounts eventually. With a Roth account, you forgo a tax savings today, but the money invested within the account grows tax-free - provided you're at least 59 1/2 and the account has been open for at least five years...
Ira > Find Out Now If The New Roth 401(k) or 403(b) Is An Option For You
SMART NEW FINANCING TOOL FOR THE SMALL BUSINESS OWNER Ira
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The Lead Creation Station (Want Good Qualified MLM Leads? Part 2)
So, you want to have an endless supply of qualified prospects? Not just "qualified real time surveyed mlm leads"...but real educated opportunity buyers (not seekers), who will never say: "let me think about it", "is this a pyramid?", "I don't have any money", or "I just don't have enough time". Aren't you sick of hearing those lies?
I never deal with those annoying brush-off comments anymore. I know what they are like, and I truly feel your pain! I spent my "hard-time" on...
Ira > The Lead Creation Station (Want Good Qualified MLM Leads? Part 2)
SMART NEW FINANCING TOOL FOR THE SMALL BUSINESS OWNER
SMART NEW FINANCING TOOL FOR THE SMALL BUSINESS OWNER socks Ira