Low cost 401k plan for Electricians
Low cost 401k plan for Electricians are worth incorporating.
Here are some reasons why an Electrician should consider it:
- Helps the owner secure a better future for him/her and to the employees that are eligible to be in the plan.
- Develops a more competitive company when it refers to attracting and keeping employees. It gives them a sense of confidence and security about their future, allowing them to become more comfortable and loyal to your Real Estate Company.
- Contains tax benefits. When an employer is making contributions to the employee, he/she can use it as a tax deductible for the company.
- Flexible plan options are available.
Low cost 401k plan for Electricians – Solo 401k for the self-employed participants
Self-Employed or Solo 401k plan:
- this plan was created for small business owners that have no full-time employees. It brings full coverage on both the owner and spouse, making it unique in its kind. This plan brings equal tax benefits as a Traditional 401. This makes it one of the most attractive plans for the self-employed architects.
In a Solo 401k plan participants can invest in real estate, tax deeds or liens, and on mortgage notes. Which also makes it unique for a self-employed owner of an Electric Company. Advantages such as limitless investment options, easy rollovers of accounts, taking a loan from account, and asset protection are provided with this optional low cost 401k plan for Electricians.
Even though this plan allows the participant to make investments, still some regulations given by the Internal Revenue Code Section 4975, that states that you are free to invest in the most commonly type of investments from public and private stocks to real estate and commercial paper.