New Online Workshop: Today! How to Use Your Pension Plan to Invest in Your Business and Real Estate
Posted March 17th, 2008 by Diane Kennedy | permalink
Keywords:
2008 is the year to fund up your pension plans. It’s never been easier to use pension plans to build wealth tax free. Learn the basics in this information-packed workshop by Diane Kennedy.
Remember, if you’re not yet a member of First Class Lounge, you can try us out for free for 30 days. Not only will you get immediate access to my new workshop and Special Reports, but as a member of the First Class Lounge you will receive:
- Free access to my weekly online workshops
- Free access to our Special Reports
- An opportunity to ask questions about your personal situation to be answered in a future online workshop
- 10% off TaxLoopholes product purchases
Our product special this week continues the ideas set out in this workshop. Check out the Pension Plan Investing Special for special pricing on two powerful retirement planning products, Supercharge Your Retirement and Tax-Free Real Estate Investments: Retire Rich Using Your IRA.
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Hi Diane,
I have a question about Roth 401(k) contributions. If a married couple with 20 years to retirement is in a high tax bracket, e.g. modest 6 figures, and has a choice about whether to contribute to regular 401(k)s to reduce taxes today or take the tax hit and contribute to a Roth 401(k) today, or some of each, what would you recommend?
Thanks! Penny
Generally if I have a client that isn’t solidly at the 35% (highest) tax bracket, I’m recommending that they do a part Solo 401(k) and part Roth 401(k) contribution.
There are other factors, but that’s a general answer.
Diane,
I have an LLC which develops build to suit lease properties. The members of the LLC are me and my wife and it is member managed. We currently dont take a salary from the LLC and all income flows through on a K-1. If I take a salary in 2008 would I be able to set up the Solo 401K plans?
I’m guessing that the LLC is using default taxation, which means it is a partnership return.
Unfortunately, partners can not take salary from a partnership. If you have a business (as opposed to an investment) the income is flowing through subject to self-employment tax and in that case you could do the pension plan.
This would be a great thread with a “How can I… type of question” on the First Class Lounge forum. If you’re not yet a member, you can try it out for 30 days free.