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HOWARD TAX PREPARATION
HOWARD TAX PREPARATION
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    • GETTING STARTED
    • TAX SERVICES
      • 2025 FILING INFO FOR 2024
      • ISSUE A 1099 OR W2
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  • Home
  • GETTING STARTED
  • TAX SERVICES
    • 2025 FILING INFO FOR 2024
    • ISSUE A 1099 OR W2
    • ANOTHER LOOK TAX REVIEW
    • DOCUMENTS NEEDED TO FILE
    • INCOME TAX FILING
    • PRICING
    • SALES TAX FILING
    • SPECIALS
    • TAX DEBT PROBLEMS
    • TAX PLANNING
    • TAX SAVINGS
    • TAX TRANSCRIPT SERVICE
    • DOCUMENT UPLOAD
  • BUSINESS SERVICES
    • ISSUE A 1099 & W2
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    • BUSINESS TAX REGISTRATION
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    • PAYROLL
    • QUICKBOOKS DIAGNOSTIC
    • QUICKBOOKS CLEANUP
    • REDUCE SE TAX
    • REGISTERED AGENT SERVICE
    • S-CORP
    • SOLO 401K RETIREMENT PLAN
    • TAX FILING
    • VIRTUAL MAILBOX
    • LLC PARTNERSHIP CORPS
    • SOLE PROPRIETOR PACKAGES
  • FAQ
  • ABOUT US
    • ABOUT US
    • CONTACT US
    • TESTIMONIALS
    • REFUND POLICY
    • PRIVACY POLICY
  • FIND OUR OFFICE & PARKING
  • RESOURCES
    • IRS LETTER & DOCUMENTS
    • TAX DOCUMENT SAMPLES
    • HOW TO PAY YOUR TAX BILL
    • GET IRS TRANSCRIPTS
    • WHERE'S MY FEDERAL REFUND
    • Where's My Amended Return
    • Where's My Federal Refund
    • Where's My IL Refund?
    • OUR YOUTUBE PAGE
    • BLOG
    • VIDEOS
    • NEW HOME BUYERS
    • SCHOLARSHIPS
  • PORTAL ACCESS
  • Blog Post Tax Topics

401k For The Self Employed

You Don't Have To Work For Others To Have A 401k Plan

If you're new to entrepreneurship, or even a veteran (seasoned) business owner, you may not realize that you can start an IRS qualified retirement plan for your business. The best thing about a solo 401k is that if you're leaving your old an employer, you can transfer your current 401k plan to your own company's 401k! Transferring your 401k to a traditional solo 401k will help you avoid LOSING YOUR INVESTMENT TO TAXES & PENALTIES! Don't want to leave your employer? No problem! You can still have a traditional or roth 401k plan with your own company, as long as you don't defer more than the IRS yearly contribution limit. 


WHAT DOES IT DO? A traditional solo 401k allows you to exclude income from currents years’ taxes, and defer the income for taxation at a later time. Build your retirement income, and maintain emergency access of up to 50% of the funds’ assets through loans.


WHAT WILL IT SAVE ME? With the traditional solo 401k, you will be able to defer up to $56,000 of taxable income in 2019, and $57,000 in 2020.


WHAT CAN I INVEST IN? If you choose the traditional 401k plan, you will be able to invest in securities such as stocks, bonds, ETFs, commodities, and more. Should you choose a self directed Solo 401k, you can invest in things such as real estate, businesses, antiques, and more. 


WHAT IF I HAVE OTHER RETIREMENT PLANS?  Any contributions you make to other types of retirement accounts, such as IRAs, do not affect your 401(k) contribution limit. 


WHY DO I NEED IT? Retirement plans are an important element of a tax reduction plan. While an IRA is a good plan, if you need to access your money, you will have to pay a penalty. Those that can, should have a mix of 401k and traditional and Roth IRA’s.


BOOK A FREE 15 MINUTE CONSULTATION NOW. 

 

Solo 401k Contribution Calculator: What is the maximum amount you can contribute?


Solo 401k Contribution Calculator allows you to calculate the maximum amount you can contribute to your plan. Click on the link below, enter requested info below and click the “Submit” button to see your results. A PDF document will be generated with the option for you to save or print it.  It is very important that you select the correct business type; please note that Sole-Proprietor is selected by default (if your business is a single member LLC, select the Sole-Proprietor type).  

For a solo 401k calculator to estimate how much you can contribute, click HERE.

Is A Solo 401K For You?

Book A Free 15 Minute Consultation

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Search zip 60605, distance 5 miles, last name Howard, and look for Howard, Trudy M Here's the IRS website to search. 


FILE YOUR TAXES ONLINE with us, or file in person at our South Loop Chicago Location (1136 S. Delano Ct W), or in person at our Homewood Il location (1800 Ridge Road).   


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