Put Away More for Retirement

As a single owner of a Limited Liability Company or Sole proprietorship you have the option of setting-up a "Solo 401(k) Plan."

Solo 401(k) Plans can allow  the owner to put away more money for retirement than traditional plans. The plan has two parts. 100% of the first $20,000 for over 50 owners can be deferred and contributed to the plan. Also,  an additional 20% of self-employment income can be added to the Plan.

The total annual contribution is capped at 100% of self-employment income with a maximum of $46,000 in 2008.