Bruce Set Qualified Plan.
Set up plan, you can write if off as business expense. You have to cover your employees. They have to participate in plan. You have to make sure they are contractors. Anyone who is more than 5% is an owner.
Profit sharing plan. 25% of your pay. 401k. You can differ from your wages 19% differ. 44k.
25% coming from retained earnings. Typically can be done at the end of the year.
19,000k
Does all the legal work.
401k - is managed by Fidelity or a financial advisor.
Once you have employees. Your Fiduciary greatly increases.
The next step is a defined benefit plan. 148k in w2 wages. If you want more. Salary deferral.
There are restrictions on withdrawals. If you shut the plan down. Typically you roll into IRA and it is taxed. Not paying taxes earings. You can borrow up to 50,000.
Profit sharing plan. 25% of your pay. 401k. You can differ from your wages 19% differ. 44k.
25% coming from retained earnings. Typically can be done at the end of the year.
19,000k
Does all the legal work.
401k - is managed by Fidelity or a financial advisor.
Once you have employees. Your Fiduciary greatly increases.
The next step is a defined benefit plan. 148k in w2 wages. If you want more. Salary deferral.
There are restrictions on withdrawals. If you shut the plan down. Typically you roll into IRA and it is taxed. Not paying taxes earings. You can borrow up to 50,000.