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IRA LLC

The IRA Turned 45 in 2019

January 21, 2020 | By Mark Nolan

It is hard to believe that it has been 45 years since the individual retirement account (IRA) was created, resulting from the Employee Retirement Income Security Act [ERISA].

Here are some of the IRA highlights as we celebrate the 45th birthday.

  • Today, IRAs have about $9.7 trillion in assets.
  • IRAs make up a third of the US retirement market. Government policy has contributed to this growth when they designed the IRA. It could be a contributory vehicle for workers who didn’t have a 401k plan at work, and the IRA also serves as a retirement vehicle to hold former employer funds as  you  change jobs. Separated employees can transfer balance from their defined contribution plan or defined benefit plan and roll them over into an IRA.
  • Policymakers have also added to the IRA menu over the years, with the addition of the Roth IRA in 1998 as well as IRA for the self-employed, such as  the SEP and SIMPLE IRA.

 

401k Business Financing

2020 Huntington Learning Center Franchise Cost | Huntington Learning Center Franchise Fee | Use Your 401k to Start a Huntington Learning Center Franchise Business | SBA Business Loan

January 19, 2020 | By George Blower

How much does it cost to open a Huntington Learning Center Franchise? [Updated 2020]

The Huntington Learning Center Franchise Review

Are you considering opening a Huntington Learning Center Franchise?  If so, it will be essential to understand the costs & fees and how you will pay for those expenses.  This article highlights some key expenses listed in the 2019 Franchise Disclosure Document.  It also describes how you can fund those expenses using an SBA Business Loan and/or your retirement funds without paying tax or penalties.

2020 The Huntington Learning Center Franchise Cost | The Huntington Learning Center Franchise Fee

According to the 2019 Huntington Learning Center FDD Franchise Disclosure Document, the cost to start a Huntington Learning Center Franchise will include the following:

  • Total Investment: The total investment necessary to begin operation of a “Huntington Learning Center” franchise ranges from $127,060 – $292,940.
  • Initial Fees:
    • Initial franchise fee: $28,000
  • Veteran Discount: 25% off first-unit franchise fee
  • Royalty Fees: 9.5%

How can My Solo 401k Financial help me fund a Huntington Learning Center Franchise?

My Solo 401k Financial has helped thousands of entrepreneurs with franchise financing.  We specialize in helping franchisees use their retirement funds without paying taxes or penalties as well as SBA business loans.

Obtain an SBA Loan for a Huntington Learning Center Franchise

Use Your 401k to Start a Huntington Learning Center Franchise

If you an aspiring entrepreneur looking for financing to open a Huntington Learning Center franchise, you may want to consider using our ROBS 401K Business Financing plan which allows you to invest your retirement funds in your business without paying taxes or penalties.

Benefits of Using Your 401k to Start a Business

  • You can invest all of your retirement funds in the business without paying taxes or penalties. If you were to withdraw the funds from your retirement account, you will have to pay a 10% penalty (if you are under 59 ½) and income tax which often leaves only 60% or less of the amount withdrawn available to fund your business.
  • The funds invested in your business do not have to be paid back to your retirement account (i.e., it is not a loan).   With no repayment obligation, the business is able to keep more of the income in the business which can be very important to a growing startup business. Moreover, by investing your own funds you are able to independently fund your business and retain ownership and control.
  • There is no credit check required to access your retirement funds.
  • The funds are typically available for business financing in approximately 15 business days.
  • Other than Roth IRA accounts, funds in virtually all types of retirement accounts are eligible including 401k, Traditional IRA, pension plans, government plans, etc.

Using Your 401k to Start a Business – Process

Step 1: File Articles of Incorporation with the Secretary of State.

Step 2: Obtain Corporation and 401k employer identification numbers (EIN).

Step 3: Open business bank account for the C-corporation.

Step 4: The C-corporation adopts new 401k plan.

Step 5: Transfer funds from your existing 401k, IRA or other retirement account to the new 401k.

Step 6: Fund the Corporation with the new 401k proceeds.

Using Your 401k to Start a Business – Resources

 

401k Business Financing

2020 Mathnasium Franchise Cost | Mathnasium Franchise Fee | Use Your 401k to Start a Mathnasium Franchise Business | SBA Business Loan

January 19, 2020 | By George Blower

How much does it cost to open a Mathnasium Franchise? [Updated 2020]

The Mathnasium Franchise Review

Are you considering opening a Mathnasium Franchise?  If so, it will be essential to understand the costs & fees and how you will pay for those expenses.  This article highlights some key expenses listed in the 2019 Franchise Disclosure Document.  It also describes how you can fund those expenses using an SBA Business Loan and/or your retirement funds without paying tax or penalties.

2020 The Mathnasium Franchise Cost | The Mathnasium Franchise Fee

According to the 2019 Mathnasium FDD Franchise Disclosure Document, the cost to start a Mathnasium Franchise will include the following:

  • Total Investment: The total investment necessary to begin operation of a “Mathnasium” franchise ranges from $112,750 – $149,110.
  • Initial Fees:
    • Initial franchise fee: $49,000
  • Veteran Discount: 25% off franchise fee
  • Royalty Fees: 10%

How can My Solo 401k Financial help me fund a Mathnasium Franchise?

My Solo 401k Financial has helped thousands of entrepreneurs with franchise financing.  We specialize in helping franchisees use their retirement funds without paying taxes or penalties as well as SBA business loans.

Obtain an SBA Loan for a Mathnasium Franchise

Use Your 401k to Start a Mathnasium Franchise

If you an aspiring entrepreneur looking for financing to open a Mathnasium franchise, you may want to consider using our ROBS 401K Business Financing plan which allows you to invest your retirement funds in your business without paying taxes or penalties.

Benefits of Using Your 401k to Start a Business

  • You can invest all of your retirement funds in the business without paying taxes or penalties. If you were to withdraw the funds from your retirement account, you will have to pay a 10% penalty (if you are under 59 ½) and income tax which often leaves only 60% or less of the amount withdrawn available to fund your business.
  • The funds invested in your business do not have to be paid back to your retirement account (i.e., it is not a loan).   With no repayment obligation, the business is able to keep more of the income in the business which can be very important to a growing startup business. Moreover, by investing your own funds you are able to independently fund your business and retain ownership and control.
  • There is no credit check required to access your retirement funds.
  • The funds are typically available for business financing in approximately 15 business days.
  • Other than Roth IRA accounts, funds in virtually all types of retirement accounts are eligible including 401k, Traditional IRA, pension plans, government plans, etc.

Using Your 401k to Start a Business – Process

Step 1: File Articles of Incorporation with the Secretary of State.

Step 2: Obtain Corporation and 401k employer identification numbers (EIN).

Step 3: Open business bank account for the C-corporation.

Step 4: The C-corporation adopts new 401k plan.

Step 5: Transfer funds from your existing 401k, IRA or other retirement account to the new 401k.

Step 6: Fund the Corporation with the new 401k proceeds.

Using Your 401k to Start a Business – Resources

 

 

401k Business Financing

2020 Budget Blinds Franchise Cost | Budget Blinds Franchise Fee | Use Your 401k to Start a Budget Blinds Franchise Business | SBA Business Loan

January 19, 2020 | By George Blower

How much does it cost to open a Budget Blinds Franchise? [Updated 2020]

The Budget Blinds Franchise Review

Are you considering opening a Budget Blinds Franchise?  If so, it will be essential to understand the costs & fees and how you will pay for those expenses.  This article highlights some key expenses listed in the 2019 Franchise Disclosure Document.  It also describes how you can fund those expenses using an SBA Business Loan and/or your retirement funds without paying tax or penalties.

2020 The Budget Blinds Franchise Cost | The Budget Blinds Franchise Fee

According to the 2019 Budget Blinds FDD Franchise Disclosure Document, the cost to start a Budget Blinds Franchise will include the following:

  • Total Investment: The total investment necessary to begin operation of a “Budget Blinds” franchise ranges from $110,340 – $234,370.
  • Initial Fees:
    • Initial franchise fee: $19,950
  • Veteran Discount: $15,000 off initial territory fee
  • Royalty Fees: $300 – $2,000 per month

How can My Solo 401k Financial help me fund a Budget Blinds Franchise?

My Solo 401k Financial has helped thousands of entrepreneurs with franchise financing.  We specialize in helping franchisees use their retirement funds without paying taxes or penalties as well as SBA business loans.

Obtain an SBA Loan for a Budget Blinds Franchise

Use Your 401k to Start a Budget Blinds Franchise

If you an aspiring entrepreneur looking for financing to open a Budget Blinds franchise, you may want to consider using our ROBS 401K Business Financing plan which allows you to invest your retirement funds in your business without paying taxes or penalties.

Benefits of Using Your 401k to Start a Business

  • You can invest all of your retirement funds in the business without paying taxes or penalties. If you were to withdraw the funds from your retirement account, you will have to pay a 10% penalty (if you are under 59 ½) and income tax which often leaves only 60% or less of the amount withdrawn available to fund your business.
  • The funds invested in your business do not have to be paid back to your retirement account (i.e., it is not a loan).   With no repayment obligation, the business is able to keep more of the income in the business which can be very important to a growing startup business. Moreover, by investing your own funds you are able to independently fund your business and retain ownership and control.
  • There is no credit check required to access your retirement funds.
  • The funds are typically available for business financing in approximately 15 business days.
  • Other than Roth IRA accounts, funds in virtually all types of retirement accounts are eligible including 401k, Traditional IRA, pension plans, government plans, etc.

Using Your 401k to Start a Business – Process

Step 1: File Articles of Incorporation with the Secretary of State.

Step 2: Obtain Corporation and 401k employer identification numbers (EIN).

Step 3: Open business bank account for the C-corporation.

Step 4: The C-corporation adopts new 401k plan.

Step 5: Transfer funds from your existing 401k, IRA or other retirement account to the new 401k.

Step 6: Fund the Corporation with the new 401k proceeds.

Using Your 401k to Start a Business – Resources

 

401k Business Financing

2020 Remax Franchise Cost | Remax Franchise Fee | Use Your 401k to Start a Remax Franchise Business | SBA Business Loan

January 19, 2020 | By George Blower

 

How much does it cost to open a Remax Franchise? [Updated 2020]

The Remax Franchise Review

Are you considering opening a Remax Franchise?  If so, it will be essential to understand the costs & fees and how you will pay for those expenses.  This article highlights some key expenses listed in the 2019 Franchise Disclosure Document.  It also describes how you can fund those expenses using an SBA Business Loan and/or your retirement funds without paying tax or penalties.

2020 The Remax Franchise Cost | The Remax Franchise Fee

According to the 2019 Remax FDD Franchise Disclosure Document, the cost to start a Remax Franchise will include the following:

  • Total Investment: The total investment necessary to begin operation of a “Remax” franchise ranges from $40,000 – $284,400.
  • Initial Fees:
    • Initial franchise fee: $17,500 – $35,000
  • Royalty Fees: Varies

How can My Solo 401k Financial help me fund a Remax Franchise?

My Solo 401k Financial has helped thousands of entrepreneurs with franchise financing.  We specialize in helping franchisees use their retirement funds without paying taxes or penalties as well as SBA business loans.

Obtain an SBA Loan for a Remax Franchise

Use Your 401k to Start a Remax Franchise

If you an aspiring entrepreneur looking for financing to open a Remax franchise, you may want to consider using our ROBS 401K Business Financing plan which allows you to invest your retirement funds in your business without paying taxes or penalties.

Benefits of Using Your 401k to Start a Business

  • You can invest all of your retirement funds in the business without paying taxes or penalties. If you were to withdraw the funds from your retirement account, you will have to pay a 10% penalty (if you are under 59 ½) and income tax which often leaves only 60% or less of the amount withdrawn available to fund your business.
  • The funds invested in your business do not have to be paid back to your retirement account (i.e., it is not a loan).   With no repayment obligation, the business is able to keep more of the income in the business which can be very important to a growing startup business. Moreover, by investing your own funds you are able to independently fund your business and retain ownership and control.
  • There is no credit check required to access your retirement funds.
  • The funds are typically available for business financing in approximately 15 business days.
  • Other than Roth IRA accounts, funds in virtually all types of retirement accounts are eligible including 401k, Traditional IRA, pension plans, government plans, etc.

Using Your 401k to Start a Business – Process

Step 1: File Articles of Incorporation with the Secretary of State.

Step 2: Obtain Corporation and 401k employer identification numbers (EIN).

Step 3: Open business bank account for the C-corporation.

Step 4: The C-corporation adopts new 401k plan.

Step 5: Transfer funds from your existing 401k, IRA or other retirement account to the new 401k.

Step 6: Fund the Corporation with the new 401k proceeds.

Using Your 401k to Start a Business – Resources

 

401k Business Financing

2020 Great Clips Franchise Cost | Great Clips Franchise Fee | Use Your 401k to Start a Great Clips Franchise Business | SBA Business Loan

January 19, 2020 | By George Blower

 

How much does it cost to open a Great Clips Franchise? [Updated 2020]

The Great Clips Franchise Review

Are you considering opening a Great Clips Franchise?  If so, it will be essential to understand the costs & fees and how you will pay for those expenses.  This article highlights some key expenses listed in the 2019 Franchise Disclosure Document.  It also describes how you can fund those expenses using an SBA Business Loan and/or your retirement funds without paying tax or penalties.

2020 The Great Clips Franchise Cost | The Great Clips Franchise Fee

According to the 2019 Great Clips FDD Franchise Disclosure Document, the cost to start a Great Clips Franchise will include the following:

  • Total Investment: The total investment necessary to begin operation of a “Great Clips” franchise ranges from $136,900 – $259,400.
  • Initial Fees:
    • Initial franchise fee: $20,000
  • Veteran Discount: $5,000 rebate on first-store franchise fee
  • Royalty Fees: 6%

How can My Solo 401k Financial help me fund a Great Clips Franchise?

My Solo 401k Financial has helped thousands of entrepreneurs with franchise financing.  We specialize in helping franchisees use their retirement funds without paying taxes or penalties as well as SBA business loans.

Obtain an SBA Loan for a Great Clips Franchise

Use Your 401k to Start a Great Clips Franchise

If you an aspiring entrepreneur looking for financing to open a Great Clips franchise, you may want to consider using our ROBS 401K Business Financing plan which allows you to invest your retirement funds in your business without paying taxes or penalties.

Benefits of Using Your 401k to Start a Business

  • You can invest all of your retirement funds in the business without paying taxes or penalties. If you were to withdraw the funds from your retirement account, you will have to pay a 10% penalty (if you are under 59 ½) and income tax which often leaves only 60% or less of the amount withdrawn available to fund your business.
  • The funds invested in your business do not have to be paid back to your retirement account (i.e., it is not a loan).   With no repayment obligation, the business is able to keep more of the income in the business which can be very important to a growing startup business. Moreover, by investing your own funds you are able to independently fund your business and retain ownership and control.
  • There is no credit check required to access your retirement funds.
  • The funds are typically available for business financing in approximately 15 business days.
  • Other than Roth IRA accounts, funds in virtually all types of retirement accounts are eligible including 401k, Traditional IRA, pension plans, government plans, etc.

Using Your 401k to Start a Business – Process

Step 1: File Articles of Incorporation with the Secretary of State.

Step 2: Obtain Corporation and 401k employer identification numbers (EIN).

Step 3: Open business bank account for the C-corporation.

Step 4: The C-corporation adopts new 401k plan.

Step 5: Transfer funds from your existing 401k, IRA or other retirement account to the new 401k.

Step 6: Fund the Corporation with the new 401k proceeds.

Using Your 401k to Start a Business – Resources

Regulations

SEC’s Office of Compliance Inspections and Examinations (OCIE) to Examine RIAs Not Previously Examined

January 19, 2020 | By Mark Nolan

Recently, the SEC’s Office of Compliance Inspections and Examinations (OCIE) released the 2020 Examination Priorities Program for examining those RIAs that have not previously been examined.

The OCIE plans to emphasize the protection of senior retail investors and those saving for retirement.

Examinations will focus on recommendations and advice given to retail investors, with a particular focus on: (1) seniors, including recommendations and advice made by entities and individuals targeting retirement communities; and (2) teachers and military personnel. Examinations will relatedly focus on registered firms’ disclosures and supervision of outside business activities of its employees and associated persons, and any conflicts that may arise from those activities.

FY 2019 Results

In 2019, OCIE completed 3,089 examinations. This is a decrease of 2.7% from FY 2018. The decrease stems from the month long government shutdown in 2019.

Examinations of registered investment advisers (RIAs) in FY 2019 remained strong at approximately 2,180, covering
15 percent of this population.

Examinations of investment companies increased this year to over 150, increasing by approximately 12 percent, driven primarily by the six initiatives OCIE announced in November 2018

OCIE completed over 350 examinations of brokerdealers, 110 examinations of national securities exchanges, and over 90 examinations of municipal advisors and transfer agents.

OCIE also completed over 160 examinations of the Financial Industry Regulatory Authority (FINRA), including examinations of critical FINRA program areas as well as oversight reviews of FINRA examinations. Finally, OCIE
completed 15 examinations of clearing agencies.

During FY 2019, OCIE issued more than 2,000 deficiency letters, with many firms taking direct corrective actions in response to those letters, including by amending compliance policies and procedures or a regulatory filing; enhancing their disclosures; or, returning fees back to investors, among other things.

OCIE also commits significant resources to verify the existence of investor assets at custodians and to ensure that they are valued properly, a process called asset verification. In FY 2019, OCIE verified over 3.1 million investor accounts, totaling over $1.5 trillion.

Regulations

Proposed Bill by Sen. Rand Paul (R-KY) Would Result in Tax Free Distributions from Solo 401k Plans and IRAs

January 19, 2020 | By Mark Nolan

While it is only a proposed bill and it would need to be approved by both the House and Senate before passing, Sen. Rand Paul (R-KY) is proposing in the Higher Education Loan Payment and Enhanced Retirement (HELPER) Act to allow for distributions from IRAs and qualified plans such as solo 401k plans to pay for qualified education expenses or student loan repayment.

Here is what the HELPER ACT would do:

  • Allow Americans to annually take up to $5,250 from a 401(k) such as a solo 401k or IRA — tax and penalty free — to pay for college or pay back student loans. These funds could also be used to pay tuition and expenses for a spouse or dependent.

 

  • Enable two parents and a child, for example, to put over $15,000 in pre-tax funds in one year toward tuition or loan repayment if each set aside the maximum.

 

  • Offer workers the choice to have an employer contribution to a 401(k) count as a Roth contribution.

 

  • Repeal the current-law cap and phase-out of the student loan interest income tax deduction

 

 

Solo 401k

Who Is Required to take Required Minimum Distributions (RMD) from their Solo 401k Plan in 2020

January 16, 2020 | By Mark Nolan

IMPORTANT: Recent legislation, known as the Secure Act, does not affect required minimum distributions for the 2019 tax year.

You generally have to start taking withdrawals from your solo 401k plan when you reach age 70½. You cannot keep retirement funds in your solo 401k plan indefinitely.

Your required minimum distribution is the minimum amount you must withdraw from your solo 401k account each year.

  • You can withdraw more than the minimum required amount.
  • Your withdrawals will be included in your taxable income except for any part that was taxed before (your basis) or that can be received tax-free (such as qualified distributions from designated Roth solo 401k accounts).

Who is Required to Take an RMD from their Solo 401k Plan in 2020

Turned 70 1/2 in 2019: If you reached age 70 1/2 in 2019, you are required to take your first RMD by April 1, 2020 if you did not already take it in 2019. You reach age 70½ on the date that is 6 calendar months after your 70th birthday.

Illustration 1: Your 70th birthday was May 15, 2019. You reached age 70½ on November 15, 2019. You must take your first RMD (for 2019) by April 1, 2020. You would alse need to take your 2020 RMD by 12/31/2020 since you turned age 70 1/2 in 2019.

Illustration 2: Your 70th birthday was July 15, 2019. You reached age 70½ on January 15, 2020. You ARE NOT required take your first RMD until you turn age 72 (in 2022) because your solo 401k account is now subject to the new SECURE Act rules.

Turned 70 1/2 in 2018 or Prior Years: Recent legislation, commonly known as the Secure Act, raises the age for required minimum distributions to 72 beginning in 2020. However, if you turned 70 1/2 in 2019, 2018 or prior years, you still have to continue taking RMDs even if you have not yet reached age 72.

401k Business Financing

2020 Profile by Sanford Franchise Cost | Profile by Sanford Fee | Use Your 401k to Start a Profile by Sanford Franchise Business | SBA Business Loan

January 15, 2020 | By George Blower

How much does it cost to open a Profile by Sanford Franchise? [Updated 2020]

The Profile by Sanford Franchise Review

Are you considering opening a Profile by Sanford Franchise?  If so, it will be essential to understand the costs & fees and how you will pay for those expenses.  This article highlights some key expenses listed in the 2019 Franchise Disclosure Document.  It also describes how you can fund those expenses using an SBA Business Loan and/or your retirement funds without paying tax or penalties.

2020 Profile by Sanford Franchise Cost | Profile by Sanford Franchise Fee

According to the 2019 The Profile by Sanford FDD Franchise Disclosure Document, the cost to start a The Profile by Sanford Franchise will include the following:

  • Total Investment: The total investment necessary to begin operation of a “The Profile by Sanford” franchise ranges from $445,000 – $699,500.
  • Initial Fees:
    • Initial franchise fee: $49,500
  • Veteran Discount: $5,000 off franchise fee
  • Royalty Fees: 5%

How can My Solo 401k Financial help me fund a Profile by Sanford Franchise?

My Solo 401k Financial has helped thousands of entrepreneurs with franchise financing.  We specialize in helping franchisees use their retirement funds without paying taxes or penalties as well as SBA business loans.

Obtain an SBA Loan for a Profile by Sanford Franchise

Use Your 401k to Start a Profile by Sanford Franchise

If you an aspiring entrepreneur looking for financing to open a Profile by Sanford franchise, you may want to consider using our ROBS 401K Business Financing plan which allows you to invest your retirement funds in your business without paying taxes or penalties.

Benefits of Using Your 401k to Start a Business

  • You can invest all of your retirement funds in the business without paying taxes or penalties. If you were to withdraw the funds from your retirement account, you will have to pay a 10% penalty (if you are under 59 ½) and income tax which often leaves only 60% or less of the amount withdrawn available to fund your business.
  • The funds invested in your business do not have to be paid back to your retirement account (i.e., it is not a loan).   With no repayment obligation, the business is able to keep more of the income in the business which can be very important to a growing startup business. Moreover, by investing your own funds you are able to independently fund your business and retain ownership and control.
  • There is no credit check required to access your retirement funds.
  • The funds are typically available for business financing in approximately 15 business days.
  • Other than Roth IRA accounts, funds in virtually all types of retirement accounts are eligible including 401k, Traditional IRA, pension plans, government plans, etc.

Using Your 401k to Start a Business – Process

Step 1: File Articles of Incorporation with the Secretary of State.

Step 2: Obtain Corporation and 401k employer identification numbers (EIN).

Step 3: Open business bank account for the C-corporation.

Step 4: The C-corporation adopts new 401k plan.

Step 5: Transfer funds from your existing 401k, IRA or other retirement account to the new 401k.

Step 6: Fund the Corporation with the new 401k proceeds.

Using Your 401k to Start a Business – Resources

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