solo 401k 1

[ranmoo]

I have a small one-person engineering business, and was looking at ways of maximizing tax deferred retirement income and specifcally reducing current taxable income. I have also recently heard about "Solo 401k" plans that are fairly simple to set up and manage. Does anyone have any suggestions (besides consulting an accountant or tax attorney) on what they have found to work well and simply? Additionally .. thoughts opn SEP's?? FYI, I will consult an accountant, but I was just looking to hear what others may have been doing recently.

Thank you

 

[SWComposites]

The SEP-IRA seems to work fairly well for a self-employed person; simple to set up with a mutual fund, etc. and allows for a much larger contribution than a regular IRA The IRS has a pubication describing the various IRA, SEP, SIMPLE, 401K etc. retirement accounts:

http://www.irs.ustreas.gov/formspubs/index.html