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Individual 401(k) plans can help sole proprietors, freelancers and others save tons of money.
For a sole proprietorship, or an LLC taxed as a sole proprietorship, the deadline for depositing salary deferrals into the Solo 401k, as well as the deadline to fund the profit sharing contribution, is the personal tax filing deadline April 15 (or October 15 if an extension was filed).
A Keogh plan, pronounced KEY-oh, is a tax-deferred retirement plan available to income earning self-employed individuals and unincorporated businesses, such as sole proprietorships and LLCs.
In the United States, a 401 (k) plan is an employer-sponsored, defined-contribution, personal pension (savings) account, as defined in subsection 401 (k) of the U.S. Internal Revenue Code. [1] Periodic employee contributions come directly out of their paychecks, and may be matched by the employer. This pre-tax option is what makes 401 (k) plans attractive to employees, and many employers offer ...
Some employers offer Roth 401ks as an option in addition to the traditional 401k option. Traditional 401k plans let you put aside pretax dollars that can grow tax-free until retirement.
Comparison of 401 (k) and IRA accounts This is a comparison between 401 (k), Roth 401 (k), and Traditional Individual Retirement Account and Roth Individual Retirement Account accounts, four different types of retirement savings vehicles that are common in the United States.
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