If you plan to tour the wine country near San Francisco on a vacation from Houston, but are afraid to fly or travel by train, then your best options are to drive or run.Although I have been a runner of 42 years, but I am not Forest Gump, I am not running 2,000 miles to drink wine (although I do love wine).If you read “The IPO Guru “ page of my website, then you know my method of looking for and finding the Magic in investment solutions designed for my clients to meet their needs and goals.I have discovered what I call the “Solo 401k Magic” that I would like to share with you. It is another tax deferred retirement solution that can cast a positive spell over your retirement if you are self employed.Employed individuals have the opportunity to contribute to individual IRAs, SEPs, Simples and 401ks if your employer offers a 401k program.
If you are self employed, the IRS has made it possible for you to have a Solo 401k and avoid the form 5500 annual filing requirement. If you are self employed, the IRS has made it possible for you to have a Solo 401k and avoid the form 5500 annual filing requirement. Here are the advantages and requirements of Solo 401k Magic that I pursue for my clients who qualify: