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The IRS announced in February 2021 in a news release this month relief for Texas winter storm victims.  This relief applies to the entire state of Texas. “Affected taxpayer” automatically includes anyone who resides or has a business located within the designated disaster area. Those who reside or have a business located outside the identified disaster […]

Direct Rollover Based on experience with a direct-rollovers from an IRA at Edward Jones to a new employer plan such as a self-directed solo 401k plan, a letter of acceptance that is prepared by the solo 401k plan provider is required and is submitted to Edward Jones by the client’s advisor to the Edward Jones […]

In February, U.S. Senators Kevin Cramer (R-ND) and Debbie Stabenow (D-MI) reintroduced the Legacy IRA Act. This act was previously introduced in Mary of 2019. The reintroduced bill would significantly increase the maximum IRA qualified charitable distribution (QCD) for those age 65 and over to $400,000. These amounts would be given tax free to an […]

Deprecation of rental property does not apply to Solo 401k or IRA LLC owned property.  Reason being, your retirement account NOT you owns the property. Also, solo 401k and IRA funds are already tax-deferred or tax exempt. As a result of not being able to depreciate real estate owned in your solo 401k or IRA, […]

QUESTION: I’m a self employed musician – however I’ve never setup any sort of corporation for my business, I file taxes using only my social # and a schedule C.  Would I need to establish a corporation first before going through the solo 401k process? Or can I/you do the solo 401k setup as my […]