Recent Posts by EVELYN IVY

One of the questions a self-employed person will have to face is how to take money out of business. This question partly depends on the tax structure of the business. In this article, I will discuss the right way to do it as a sole proprietor versus a corporation. If you are a S-corporation the corporation rules will apply to you and if you are a LLC taxed a sole

This is the final post in the building financial freedom through retirement planning series. Here is a summary of what has been discussed:  Who is it best forWho contributes2014 LimitAdvantageDisadvantage401KThe solo entrepreneur (solo 401K )and entrepreneur interested in preserving talents can use the safe harbor 401KEmployer and EmployeeEmployee $17,500  Employer: 100% of compensation   Employee + Employer contribution cannot exceed $52,000Encourages high level of participation. Also, allows for high income deferral. Great way

As a self-employed individual with employees, you care about their well-being. However, sometimes you are strapped for cash and cannot consistently contribute in their retirement account. A profit sharing plan is a great way to retain good employees with no annual obligations. If your profit sharing plan is well designed, it is a great way to attract and keep talents. I know sometimes it is cheaper to outsource especially when

                If you are looking for a really easy way to help you or your employees save for retirement, the payroll deduction IRA is the way to go. With the payroll deduction IRA there is no financial obligation to contribute to your employee's retirement. Also there is very little administrative requirement with this plan. Only employees make contributions with this plan. Any size

The SIMPLE IRA stands for Savings Incentive Match Plan for Employees. This plan allows the employer as well as the employee contribute to traditional IRAs. It is a great plan to start with if you are new to building retirement savings through your business. The SIMPLE IRA elective deferral limit in 2014 for a participant under age 50 is the lesser of 100% of compensation for the year or $12,000. The employer matches dollar