Eligibility to Participate in 401(k)

Hobby OR Self-Employment?

Anyone who has ever spoke to me knows that I am an unabashed fan of the Solo-K plan (also known as a Uni-K, self-directed 401(k), self-administered 401(k).  Now, my support of the 401(k) doesn’t mean that anyone can establish the plan.  One must be self-employed in some capacity and qualify for the plan….as one might imagine, there must be either…read more →

Your Solo-K Plan & Independent Contractors

I recently wrote blog series on independent contractors and how they are defined. More importantly, on how knowing the difference between an independent contractor and an employee can have a huge, potential impact on your business and your 401(k) plan. Attorney Chris Combs (Combs, Gottlieb & MacQueen, P.C.) recently  wrote a blog post on “Distinguishing a Contractor from an Employee”….read more →

Your Solo 401(k) Plan — 1099 Contractors? (Part 3)

This is Part 3 of the series on determining whether a worker is an employee or an independent contractor.  In the first post, there were determining questions for an employer which, if they answered YES to ALL of the questions, would appear to indicate that the worker is an independent contractor.  In contrast, in the second post, there were 8…read more →

Your Solo 401(k) Plan — 1099 Contractors? (Part 2)

In the previous blog, we pointed out that there are definite considerations the self-employed individual will face if they are hiring an employee.   For the self-employed business owner with a Solo 401(k) (also marketed as a Uni-K, self-employed 401(k), self-directed 401(k), self-administered 401(k), there are problematic issues related to including the employee in the Solo-K plan.  You got it….it…read more →

Your Solo 401(k) Plan — Employees, 1099 Contractors?

Recently, I wrote a blog on self-employed individuals who may make the decision of hiring an employee or retaining the services of an independent contractor for their business.  Okay, before you tune me out, I understand that many of you are self-employed with no employees and will never have any employees or work with independent contractors.  In fact, you may not…read more →

Employees and Solo(K) Plans — Like Water and Oil

Yes, employees and Solo(K) plans don’t mix.  As much as it is preaching to the choir, one can never talk about this topic enough. Okay, you are self-employed and you have had success with your business.  You believe you have the need to add an employee to assist you with the business, and you give no thought to how this…read more →