Savvy Self-Employed Seek Little Known Tax Benefits Provided By The Solo 401k

Denver, Colorado ( PressReleaseCollection ) November 28, 2009 – The clock is ticking for taxpayers to secure their end-of-the year tax breaks and many Americans who qualify for a tax shelter are not utilizing it.<br />“That’s because many people are completely unaware of a special retirement vehicle that offers the self-employed a way to make significant contributions,” said financial expert, Jeff Nabers, CEO of <a href="http://www.nabers.com">Nabers Group</a>.<br /><br />The Solo 401k account offers powerful features that are not available to those who invest in traditional IRA or 401k accounts.<br />“One special feature of the Solo 401k is that it can be run by the accountholder. You don’t have to open it up at a Wall Street-focused firm. That means that you’re not stuck to ordering your investments off of a menu that offers only stocks, bonds, and mutual funds,” explains Nabers.<br /><br />The volatile stock market and significant losses that many investors suffered have caused them to look for alternative options. Nabers says that’s where the Solo 401k can really be helpful. “Using the Solo 401k, people can invest in real estate, gold, foreign annuities, foreign currency, small businesses, and much more,” said Nabers.<br />Even better, the Solo 401k allows accountholders to make large retirement contributions totaling more than $50,000.<br /><br />“The maximum contributions are approximately ten times higher than with a traditional IRA,” said Nabers. Sole proprietors can contribute $49,000 per year or $54,500 per year if they are over the age of 50. If the spouse is part of the company, that person can contribute an additional $49,000 or $54,500.<br /><br />“The frustrating part about the <a href="http://www.nabers.com">Solo 401k</a> is that not enough self-employed people know about it or how it can help them,” said Nabers. Many self-employed find they’re in need of cash but few know that this type of retirement vehicle offers a way to borrow the money and pay it back with interest to your own retirement account.<br />Solo 401k accountholders can borrow up to $50,000 or 50 percent of the account's value. Loans can be taken out for any reason and repaid over a period of five years.<br /><br />This may sound like the perfect option for the self-employed but, for those who delay, the opportunity to create a tax shelter will be lost for 2009 tax returns. The clocking is ticking—sole proprietors and small business owners have until December 31 to open a Solo 401k account for 2009.<br /><br />About the Jeff Nabers, CEO<br /><br />Jeff Nabers is the Chief Executive Officer of the Nabers Group and is a renowned consultant, speaker, and educator. Nabers is an expert in the fields of Self Directed wealth management and personal finance. Nabers teaches seminars on understanding money, free market capitalism, inflation, Austrian economic theory, real estate investing, direct possession of gold and silver, income-producing assets, small business startup funding, and Self Directed IRA and Solo 401k investing. Additionally, Nabers is the chairman of the IRA Association of America and authored the book <a href="http://www.fivestepstofreedombook.com">5 Steps To Freedom</a>.<br /><br />Contact:<br /><br />Nabers Group<br />Phoebe Chongchua<br />621 17th St #2100<br />Denver, CO 80293<br />877-903-2220<br />press@401kdirectadvisor.com<br />www.Nabers.com<br />www.FiveStepsToFreedomBook.com/ (July 2009)<br /><br /><br />###

Savvy Self-Employed Seek Little Known Tax Benefits Provided By The Solo 401k

Denver, Colorado ( PressReleaseCollection ) November 28, 2009 – The clock is ticking for taxpayers to secure their end-of-the year tax brea...

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New Tax Law Allowing For Roth IRA Conversions May Be a Bad Deal for Taxpayers

Denver, Colorado ( PressReleaseCollection ) November 24, 2009 – In 2010 millions of Americans will be able to do something they have never done before — convert their IRA into a Roth IRA account. Current 2009 limitations do not allow anyone who makes more than $100,000 per year to convert their traditional retirement funds into a Roth IRA.<br /><br />However, beginning in 2010, the Roth IRA conversion restrictions are being lifted. But is this really a good thing for taxpayers?<br /><br />"Roth IRAs are a bad idea for taxpayers because they are paying taxes now in order to avoid paying taxes on distributions that are taken later," said Jeff Nabers, CEO of <a href="http://www.nabers.com">Nabers Group</a>. The problem is partly the economic crisis that we are in. "It makes sense if we were in a commodity-based monetary system, but we’re not. We have a fiat currency system that creates an inflationary environment in which Roth conversion is a good deal for the government and a bad deal for the taxpayer."<br /><br />Additionally, the Roth IRA conversion can be costly for the taxpayers. If they opt to convert their traditional IRAs to Roth IRAs, the IRS will view this as a taxable event. Account holders will be taxed based on the entire conversion amount for their current tax bracket. The income taxes due on the 2010 conversion can be spread over two years. However, future conversions must be included in income reports to the IRS and will be taxed during the tax year in which the conversion is completed.<br /><br />Nabers cautions his clients to carefully look at all their options when considering the Roth IRA conversion. He suggests, "Instead they should continue using their non-Roth Retirement accounts for the maximum tax benefit."<br /><br />Nabers, the author of <a href="http://www.fivestepstofreedombook.com">Five Steps To Freedom</a>: How to Cut Your Dependence on Institutions and Escape Financial Slavery, points out that the most important thing that taxpayers can do in these economic times is to find alternative investment solutions. "We’re likely heading into an era of significant inflation. I recommend that people seek alternatives to volatile Wall Street Securities and dollar-denominated assets in general."<br /><br />"The action that I recommend is to get more educated on the matter and look at both sides of the story before making a decision," said Nabers. He says deciding to convert to a Roth IRA could cost you hundreds of thousands of dollars. "Before paying taxes using half of your savings, wealth, or retirement account, consult experts about all of your options. What you don’t know could hurt you—so seek knowledge and information so that you can make an informed decision that you won’t regret."<br /><br />About Jeff Nabers and Nabers Group<br /><br />Jeff Nabers has been highly sought after for his financial expertise for several years by countless organizations, including Entrepreneur Magazine, the Los Angeles Times, and Pensco Trust to name a few. As the founding member of the IRA Association of America, he brings integrity back to the business of investing.<br /><br />The Nabers Group is available to consult with individuals regarding their savings plan, with answers about all aspects of <a href="http://www.jeffnabers.com">Self Directed</a> Planning. Those seeking more information on investing their retirement accounts in a Roth or Conventional IRA may contact the Jeff Nabers at Nabers Group at http://JeffNabers.com, where there is an abundance of information on investing and finances.<br /><br />CONTACT:<br /><br />Nabers Group<br />Phoebe Chongchua<br />621 17th St #2100<br />Denver, CO 80293<br />858.259.3646<br />press@401kdirectadvisor.com<br />www.Nabers.com<br />www.FiveStepsToFreedomBook.com/ (July 2009)<br /><br /><br />###

New Tax Law Allowing For Roth IRA Conversions May Be a Bad Deal for Taxpayers

Denver, Colorado ( PressReleaseCollection ) November 24, 2009 – In 2010 millions of Americans will be able to do something they have never ...

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