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USLF Multistate Elder and Retirement Law Handbook - Guide

Retirement Plans For Llc Owners In Maricopa

Category:

Family Law - Elder Law

State:

Multi-State

County:

Maricopa

Control #:

US-001HB

Format:

Instant download

Description

This Handbook provides an overview of federal laws affecting the elderly and retirement issues. Information discussed includes age discrimination in employment, elder abuse & exploitation, power of attorney & guardianship, Social Security and other retirement and pension plans, Medicare, and much more in 22 pages of materials.

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When you're self-employed, you can save for retirement with tax-advantaged accounts like a SEP IRA, self-employed 401(k), SIMPLE IRA, or Fidelity Advantage 401(k)℠. A health savings plan (HSA) is another potential option for long-term savings, particularly since savings are not use it or lose it and can grow over time.

Open a SIMPLE IRA through a bank or another financial institution. Set up a SIMPLE IRA plan at any time January 1 through October 1. If you became self-employed after October 1, you can set up a SIMPLE IRA plan for the year as soon as administratively feasible after your business starts.

Solo 401(k) plans are not limited to sole proprietorships. Businesses that are structured as limited liability corporations (LLC), as well as partnerships, may also participate in these plans if they meet all the eligibility requirements.

LLCs can set up their own retirement accounts and use them to either reduce or defer taxes. The most popular vehicles for LLC retirement accounts are a SEP-IRA, Solo 401k, IRA (traditional or Roth), or a Simple IRA.

A limited liability company (LLC) is indeed eligible to establish a Simplified Employee Pension (SEP) IRA, which was designed to make it easy for small-business owners, self-employed individuals, and freelancers to set up tax-advantaged retirement plans.

How to set up a 401k for a small business Create a 401(k) plan document. Create a plan document that complies with IRS Code and outlines the details of your retirement plan. Set up a trust to hold the plan assets. Maintain records of 401(k) employee contributions and values. Provide information to plan participants.

If you are self-employed, it's in your hands to set up a retirement plan for yourself. You have many options to choose from including an IRA/Roth IRA, SEP or SIMPLE IRA, but the best best choice, if you qualify, is the Solo 401(k) plan. Learn why! -- Learn more about the Solo 401(k): .

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If you need assistance establishing your business' retirement plan in AZ, the Mesa small business lawyers at JacksonWhite can walk you through the process. • Within three years of retirement, ASRS members can register to attend the Route 3: Destination in Sight group meeting or online.How to choose, maintain and fix plan errors of a retirement plan for the selfemployed. Need help planning for retirement? Find a qualified retirement planner in Maricopa County, AZ. Get advice on 401k, IRA, and other retirement plans. The experts at Pennington Law, PLLC can help you create a limited liability company (LLC) in Arizona. Learn more and contact us for help today. Premiums are not pro-rated. Examples: • Retire on May 20. The SEP IRA is a retirement plan designed to benefit self employed individuals and small business owners.

Retirement Plans For Llc Owners In Maricopa

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How to plan for retirement when self-employed?

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