I love having my own business. While it is a lot of work, it is also very rewarding. I need a creative outlet in my life, and my business gives that to me. I also love having another income source. You never know what life will throw at you, and diversifying your income streams helps insure against a sudden loss of income.
Another benefit of having my own business is being able to invest money in a self-employed retirement plan. There are several types of plans available to small business owners and employees, and this week I will run articles discussing the major self-employed retirement plans in more detail. The articles were written by Robert D. Flach, a New Jersey area tax professional who also writes the blogs The Wandering Tax Pro, and the New Jersey Tax Practice Blog. Robert brings over 35 years of tax experience to the table and does a better job than I could at explaining these self-employed retirement plans.
This series will cover the types of self-employed retirement plans, who is eligible for these plans, the contribution limits, and deadlines for setting up the plan and contributing to the plan.
Types of Self-Employed Retirement accounts
The main types of self employed retirement accounts are:
Research your self-employed retirement plan options
As always, research your options before opening a retirement account. There are several rules regarding eligibility and contribution limits and these self-employed retirement plans may affect your taxes significantly. I’ve done my research, and later this week I will share which of these self-employed retirement plans I chose to open, and why.
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Looking forward to reading which plan you chose. This is something I need to look into as well!