In the U.S., many employers offer 401K plans, but until recently, a sole proprietor could not set up their own tax deferred plan without a fair amount of complication and paperwork. That's changed, but there are still many resources on the web that will tell you that you can't have a 401K without incorporating. You can; see (for example only) The Single-Participant 401(k).
You may be able to contribute as much as $40,000 a year to this kind of plan. There are potential negatives: if you plan on hiring employees later, you will want to think carefully about this because you'll be required to expand this to include the employees. Of course anything like this should be discussed with your tax advisors before jumping in. However, if the plan fits, this is a simple way for the unincorporated sole proprietor to put aside tax deferred money.
Have you tried Searching this site?
Unix/Linux/Mac OS X support by phone, email or on-site: Support Rates
This is a Unix/Linux resource website. It contains technical articles about Unix, Linux and general computing related subjects, opinion, news, help files, how-to's, tutorials and more. We appreciate comments and article submissions.
Many of the products and books I review are things I purchased for my own use. Some were given to me specifically for the purpose of reviewing them. I resell or can earn commissions from the sale of some of these items. Links within these pages may be affiliate links that pay me for referring you to them. That's mostly insignificant amounts of money; whenever it is not I have made my relationship plain. I also may own stock in companies mentioned here. If you have any question, please do feel free to contact me.
Specific links that take you to pages that allow you to purchase the item I reviewed are very likely to pay me a commission. Many of the books I review were given to me by the publishers specifically for the purpose of writing a review. These gifts and referral fees do not affect my opinions; I often give bad reviews anyway.
We use Google third-party advertising companies to serve ads when you visit our website. These companies may use information (not including your name, address, email address, or telephone number) about your visits to this and other websites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here.
Click here to add your comments
Don't miss responses! Subscribe to Comments by RSS or by Email
Click here to add your comments
If you want a picture to show with your comment, go get a Gravatar