Investors can defer taxes on capital gains, or eliminate them entirely, by investing in Qualified Opportunity Zones (QOZ) through Qualified Opportunity Funds (QOF). Created by the Tax Cuts and Jobs Act on December 22, 2017, Qualified Opportunity Zones (QOZ) are specific areas of land in the US that the government has designated as distressed areas […]
Also known as a deferred profit-sharing plan (DPSP), a profit-sharing plan is a retirement plan that gives employees a share in the profits of the company on a quarterly or annual basis. Contributions to a profit-sharing plan are tied to a company’s profits, rather than an employee’s contribution. Employees receive a percentage of the company […]
Yes, solo 401k assets are protected from creditors during bankruptcy. If you were to file for bankruptcy, whether in Chapter 7 or 13, your solo 401k assets have unlimited protection under federal law. In 2005, The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) was passed that excluded tax-qualified retirement plans (like a […]
One of the most attractive features of a solo 401k is the ability to invest in virtually any asset class. Instead of being limited to just investing in traditional assets like stocks, bonds, and ETFs, you can invest your plan in alternative investments like crypto, real estate, and startups. Investing in startups through a solo […]
One of the most common questions we get at Carry is: Can I open and contribute to a solo 401k if I have a full-time job with an employer? Yes, you can have a solo 401k even if you have a full-time job. While a solo 401k is a retirement plan for business owners and […]
One of the most common questions that comes up with business owners looking to set up a retirement plan is: Can I contribute to both a SEP IRA and a solo 401k, and will doing so allow me to contribute more money per year? Yes, in certain instance, if you have two separate businesses, you can […]
Choosing a business name is one of the most important steps in building a successful and memorable brand. You should select a name that not only represents your company’s values and objectives but also resonates with your target audience, since your name will be the first thing people associate with your company. With countless companies […]
Are you approaching retirement age and wondering how to maximize your retirement savings? If you have a tax-deferred retirement plan like a traditional IRA or 401k, you may be required to take required minimum distributions (RMDs) once you turn 73 years old. But what if you don’t need the money for living expenses and want […]
As a business owner, you’re constantly seeking ways to reduce your tax burden and maximize profits. One often-overlooked strategy is to hire your kids and family members to work for your company, which not only provides valuable employment opportunities for your loved ones, but can also offer significant tax advantages for your business. By integrating […]
