It doesn’t matter if you’re a fix-and-flip investor or a long-term investor, it’s a good idea to put all of your investment properties in a holding company, like an LLC, for added protection. Starting a real estate holding company is also generally pretty simple and can be done online or with the help of an…
How to Set Up a Solo 401(k) in 6 Steps
A solo 401(k) is an employer-sponsored retirement plan that allows self-employed individuals to contribute up to $57,000 before taxes, including $19,500 of employee salary deferrals. Setting up a solo 401(k) requires just six steps that hinge on picking a great provider but having only one participant makes it possible to complete in just a matter…
10 Best 401(k) Companies 2021
A 401(k) allows business owners and employees to save up to $57,000 annually through tax-free salary deferrals, matching, and profit-sharing. While all 401(k)s follow IRS rules, choosing the right provider—particularly for a solo 401(k)—is very important. We’ve reviewed more than two dozen 401(k) companies to arrive at list of the 10 best providers. Top 401(k)…
5 Best Solo 401(k) Providers for 2021
A solo 401(k) allows small business owners to save up to $57,000 for retirement―63,500 if you’re 50 or older―through tax-free salary deferrals and company contributions. Choosing the right provider is an important part of using a solo 401(k) successfully and not getting yourself in trouble with the IRS. We’ve reviewed many solo 401(k) providers and…
What Is a Bad Credit Score?
FICO credit scores below 580 and VantageScores below 601 are typically considered poor or bad credit. Bad credit can prevent you from getting loans, credit cards, or even renting property. You can avoid bad credit status by using less than 30% of your total available credit and by consistently paying debt on time. What Is…
Top 17 Tips for Buying & Selling Stocks
One important rule for investing in the stock market is to buy low and sell high. However, you can’t predict when the stock prices will go up or down. While there’s no definite way to time your trades perfectly, there are some tips for buying stocks that can help you make better decisions. Here are…
Top 23 Small Investment Ideas From the Pros
Investing is an important aspect of building financial stability. If you want to have a financially healthy future, then you should consider making investments as early as possible, no matter how small. If you only have a few hundred to a few thousand dollars to invest, consider these top small investment ideas. Below are the…
The 5 C’s of Credit: What Banks & Lenders Actually Look For
The 5 C’s of credit are character, capacity, capital, conditions, and collateral. Together, these serve as a way for lenders to evaluate the creditworthiness of potential borrowers. Banks and lenders generally look at your ability to repay, level of debt, how you plan to use the funds, and the collateral you have to offer. The…
SEP IRA Rules, Contribution Limits, & Deadlines
A SEP IRA is an employer-sponsored retirement plan allowing business owners with 0 – 5 employees defer large amounts of income. A SEP lets employers and the self-employed contribute $56,000 or 25% of their taxable income each year – $50,000 more than Traditional IRAs. To use SEPs, employers must make proportional contributions to all full-time…
SIMPLE IRA Rules, Providers, Contribution Limits & Deadlines
SIMPLE IRAs are employer-sponsored retirement plans allowing participants to save up to $26,000 pre-tax in deferrals and matching. Using a SIMPLE IRA, employers must match employee deferrals on a dollar-for-dollar basis between 1% – 3%. To use a SIMPLE IRA, employers must implement their plan before October 1 of the year it becomes effective. How…
Free SEP IRA Calculator
How to Read Your SEP IRA Calculator Results Suggested Employer SEP IRA Contribution: Your suggested contribution should be the same as the desired amount that you input unless your desired contribution exceeds 25 percent of income or $55,000. If your income is too low, your desired contribution may be too high. If your suggested…
Keogh Plan: Contribution Limits, Rules & Deadlines
A Keogh plan is a qualified retirement plan that allows self-employed individuals up to $56,000 per year in tax-deductible contributions. Keogh plans have largely been replaced by alternatives, including SEP IRAs and Solo 401(k)s, because tax laws now allow business owners who used to use Keoghs to use other plans instead. What a Keogh Plan…