IRS

IRS — Protecting and Validating Your Identifty

I know this is nothing related to self-directed IRA or self-administered 401(k) plans. These plans assist an investor in investing their retirement assets into assets permitted by IRS rules, but not offered by your typical brokerage firm. However, sometimes you come across nuggets of information that are useful and is valuable (hopefully) to “throw out” there. For those of us…read more →

Self-Directed IRAs — Year End “Things to Do”

We all have busy schedules….especially going into the end of the year and holiday season.  In that “spirit”,I am certainly not going take up too much of your valuable time. But, as an IRA account owner who has a self-directed IRA or self-directed IRA LLC, there are some end of the year steps you may want (and need) to take….read more →

IRA Rollovers to a Solo-K

For anyone who established their Solo 401(k) plan in this current year and rolled over IRA funds into their individual 401(k) plan….this is for you. You established your self-administered, Solo 401(k) plan.  You may have set up your plan up in January or possibly setting it up at the end of the year.  You may have set up your plan…read more →

“Life Cycle” of a Solo 401(k) Plan

Similar to our lives, there is an actual life cycle of a Solo 401(k) plan as well.  And, that is how you want to think about your Solo-K plan.  If you do, it will certainly help cement in your mind how you are to operate your plan moving forward.  It is important that you fully understand this analogy to fully…read more →

IRS’ Dirty Dozen Tax Scams — “Phishing”

I would have probably done a blog on this topic anyways, but being a recent recipient of a “phishing” scheme, this topic now meant something more to me.  I have never been accused of being the sharpest tool in the shed, but I am also aware of some of these schemes and, even when I received the phishing call….I gotta…read more →

IRS’ Dirty Dozen — Tax Preparer Fraud?

We all know that in today’s society, anything that you wouldn’t think should happen does happen. Let’s add one to the list of things that shouldn’t happen but, unfortunately does.  In fact, this concern is so frequent, the IRS has actually added it as part of their annual IRS Dirty Dozen list which warns taxpayers of the top tax scams for the…read more →

Missing W-2 or 1099-MISC?

Okay, this can be a misleading title for a blog for some…but bear with me.  If you are a self-employed individual established as an incorporated entity, your business in providing you payroll income and, as such, you would receive a W-2 on your year-end income for tax reporting.  As such, you would correctly conclude that you shouldn’t have a missing…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 →