An estimated 17 million people in the U.S. file their taxes as owner-only businesses. As a self-employed individual, are you looking for efficient ways to save for retirement and pay less in taxes?

Owner-only 401(k) plans have the same advantages of larger 401(k) plans-without the extensive administrative responsibilities, complex discrimination tests and associated costs. In many cases, self-employed business owners are able to save significantly more in an Owner-Only 401(k) than they could in a SEP or SIMPLE plan and provide for a larger tax deduction.

Key features of Owner-Only 401(k) Plan include:

• Higher contribution limits
• 50 or older catch-up contribution
• Pre-tax deferral contributions
• Designated Roth contributions
• Profit Sharing contributions
• Rollovers allowed
• Loans allowed in most plans
• Low cost for administration

The deadline to set up an Owner-Only 401(k) Plan for 2009 is December 31st. For more information on Owner-Only 401(k) plans, please call today or refer to the materials on this page.