“We love our website.  Thank you for your patience and all your time.  It was exactly what we were looking for.”

Cynthia L. Busher C.P.A.
Ft. Lauderdale Accounting Firm

“SFC has managed my website needs for years.  Michael Grimm takes a personal interest in making it the best possible and could not be any more responsive to my requests.  For the best in design, marketing and customer support choose SFC Design Group… I did.”

Captain Benny Blanco
Everglades Flamingo Fishing Guide

If you are an entrepreneur and self employed, than you may find yourself putting off your retirement goals.   Those with a real day job usually take advantage of their company’s 401k plans to save for retirement, but what is available for the self employed?

In my search to save more for retirement, I found the Self Employed 401k or Individual 401k.  This plan offers higher contribution maximums and they are tax deductible.

Available to the self employed with no employees, you should consider your expansion plan before setting this 401k up.  Your spouse can be employed by the company under the Individual 401k, however if you hire employees at any date, you will have to convert your plan.

From a tax standpoint, your contributions are tax deductible.  This means huge tax savings at the end of the year.   In fact up to $46,000 in contributions can be made and $51,000 if you are 50 or older.

For 2008, you are allowed 100% of W2 earnings up to $15,500 as salary deferrals to your plan.   The plan will also allow you as the employer to contribute 25% of W-2 earnings as a profit sharing contribution.

There are several companies offering the Self Employed 401k:

• Charles Schwab
• Fidelity
• Vanguard

All three of these companies have great customer service and the retirement specialist know this plan well.   We suggest you call them with any questions.

The deadline to setup this plan is December 31 and you have until your tax filing deadline to fund it.

Captain Josh and Captain Paul offer Fort Lauderdale light tackle sportfishing charters and intracoastal cruises daily.  The website features the SFC fishing guide package with a photo gallery blog and reservation system.   Visit http://www.fortlauderdalefishingcharters.com