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NEWS ARCHIVES : U.S. and World News :
Taxes and Accounting
News
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Press Release:
2008 and 2009 Contribution Limits for 401(k)
 A 401(k) provides a great tax break to employees who contribute to the plan, and no business is too small to have a 401(k). Even a small business with no employees or employing a spouse only can establish a One Person 401(k) plan, according to Lamaute Capital. This includes independent contractors with 1099 income, freelancers, sole proprietors, partnerships, Limited Liability Companies (LLC) or corporations. Key benefits of a 401(k) plan: * High maximum contribution limit. * Contributions are tax deductible and are based on compensation or earned income. Roth contributions are from after-tax income. * Funds in a 401(k) grow tax-deferred. * Assets can be rolled over from other qualified plans or IRA's into a 401(k). * One can take a loan from a 401K (if allowed by the plan) - up to the lesser of 50% or $50,000 of account balance. 401(k) Contribution Limits for 2008 and 2009 Tax Year 2008 2009 (Source: www.irs.gov/retirement/article/0,,id=96461,00.html) A One Person 401K also known as Solo 401K must be set up no later than December 31, to be eligible for tax deductions for that tax year. One can go to Lamaute Capital's website www.InvestSafe.com to request a free Solo 401K application kit. Lamaute Capital is a member of FINRA, SIPC. "U.S. Treasury Circular 230 Notice: Any U.S. federal tax advice included in this communication is not intended or written to be used, and cannot be used, for the purpose of avoiding U.S. federal tax penalties."
NEWS SOURCE: Lamaute Capital, Inc.
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REFERENCES: 2008 and 2009 Contribution Limits for 401(k), Lamaute Capital Inc., Virginia, One Person 401K also known as Solo 401K, member of FINRA, SIPC, invest safe, investsafe, tax-deferred, IRA, press release, Oct 22, 2008. |
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