Probably the biggest question to answer was "How are we going to print this thing anyway?"
The LAST thing I want or need is to print up a bunch of books and have them sitting in my garage. I also know that most publishers have never heard of me. So I started getting all kinds of advice from different people. Also did you know that if you sell books to a "brick and mortar" bookstore, they will send you the unsold or damaged books back and are entitled to a full refund including shipping costs? Its in the 'fine print' of the contract.
People suggested e-books, or partial e-books, or different print houses. In January, I interviewed a man named Len Fox, author of Recipe Investing, a book which was not unlike mine, in terms of size and content. Len had used a division of Amazon called Create Space. Len had liked it because it was connected to Amazon. They handled the ordering through Amazon.com and could print 1 book orders. Once a month, they would then pay Len his cut from the book orders. Len didn't have to handle any of it. He got a statement once a month with the orders and a paycheck. No hassle, no damaged books, no refunds, no crates in his garage, no shipping. All of it was done there, by Create Space.
Hmmm - that sounds good to me. I was still working on the writing part at the time, so I kept it on the back burner and also continued to get ideas from others. A few weeks ago, I sent a copy to Carlos Frank, another friend of mine. I had interviewed Carlos twice for my financial show, "Improving Your Financial Health". Carlos suggested that I talk with John Rizzo, who worked for....Create Space.
John Rizzo called me last week and after speaking with him, I was convinced that this was the right path for me.
Create Space offers all types of services that will help you to self-publish your book. Self-Publishing allows you much more freedom and can really lower your cost. John was extremely helpful in explaining all of the services offered. There are 2 things I really like about using Create Space.
First, the services are all seperate. If you need them to typeset or edit or promote your book, they will do it OR if you already have someone that you are using, you can do that. You have the choice. When it comes to assembling the book, all I have to do is send them my material and cover design, and they do it. This is also impressive, since my index and resource guide are seperate from the main manuscript.
Secondly, because of their affiliation with Amazon, they will take care of posting your book on Amazon's site and handle customer ordering and shipping for you. Not only is this a real time and money saver, it also prevents the possiblity of having crates of books taking up space in my garage! I am really looking forward to working with John Rizzo, and I would certainly recommend Create Space if you are looking to get a book printed.
Monday, March 15, 2010
Friday, March 12, 2010
Diary of a Wimpy 401(k) - A Picture Is Worth....
I had a chance to speak with Aimee Sims. Aimee will be working with me on the design of the book cover. You know the saying "Don't judge a book by its cover." Whether we think so or not, that is exactly what we all do.
Aimee was referred to me by my friends at Pentavision, Michael Lacognato and Missy Stanisz. Pentavision may also be helping me with a video idea for the book. More on that to come.
Anyway, since I am using this blog to detail the printing process, here is the first effort. Thanks Aimee for your help on this.
Here are a few other images which we are talking about as well.
If you could, I'd love to get feedback on these potential cover ideas. Good? Bad?
What may cause you to pick up the book in a bookstore?
Thanks for your help and I will keep you posted.
Aimee was referred to me by my friends at Pentavision, Michael Lacognato and Missy Stanisz. Pentavision may also be helping me with a video idea for the book. More on that to come.
Anyway, since I am using this blog to detail the printing process, here is the first effort. Thanks Aimee for your help on this.
Here are a few other images which we are talking about as well.
If you could, I'd love to get feedback on these potential cover ideas. Good? Bad?
What may cause you to pick up the book in a bookstore?
Thursday, March 11, 2010
Diary of a Wimpy 401(k)
OK, here we go. One of the things I have done so far in the publishing process was to read a book titled "The Well-Fed Self Publisher" by Peter Bowerman. Mr. Bowerman has some very good & practical ideas on why it is better to self publish instead of going through a publisher.
Kudos to my good friend, Nikki Stauffer who recommended the book. Nikki always seems to come through for me when I really need some advice. If her firm was willing to promote the book, I'd hire her in a heartbeat.
Bowerman told several "horror stories" about publishing houses. Most people have a fantasy that they can simply write a book and sell a gazillion copies and then live like John Grisham for the rest of their life. Needless to say, I am pretty grounded in reality. The truth is, many authors have a hard time getting it published. Jack Canfield, author of the "Chicken Soup" books has a favorite word when he was getting multiple rejections - "Next!"
Anyway, even if you finally do get a publisher to take on your book project, and a promotion agent to write a press release, you will still end of doing the promotion leg work yourself. also, the publisher gets to keep most of the money. He shows examples of authors who wrote books that sell for about $15 and their cut is about .50 per book. Now THAT is wimpy!
According to Bowerman, once they write the press release, the publisher is done. On to the next Stephen King wannabe. There is only one person in the whole world who really cares about making sure that your book is promoted regularly - the author. So if you have to promote it yourself, why not publish it yourself.
The whole reason for this book was that I was meeting many people in this area who really weren't getting the most from their 401(k). Northern Indiana is one of the hardest hit areas for unemployment, and many folks simply cashed it in, in spite of taxes and penalties. Others who didn't cash in stopped contributing to their 401(k) especially if their company stopped matching contributions. There is no doubt in my mind that people need to have a much better understanding of how the 401(k) works.
Someone needs to say - This is your retirement plan. It may also be the only savings you have, so you'd better stop being 'wimpy' about it and start saving.
"Help! My 401(k) Has Fallen - And Must Get Up!" reveals little known secrets about 401(k) plans and IRAs. If you read the book, you will understand them and get more from them.
That's all for today. I really apreciate those who have been reading this, and those who have been supporting me. Also thanks to those who have been listening to "Improving Your Financial Health" on either Blog Talk Radio or WHME-FM.
Kudos to my good friend, Nikki Stauffer who recommended the book. Nikki always seems to come through for me when I really need some advice. If her firm was willing to promote the book, I'd hire her in a heartbeat.
Bowerman told several "horror stories" about publishing houses. Most people have a fantasy that they can simply write a book and sell a gazillion copies and then live like John Grisham for the rest of their life. Needless to say, I am pretty grounded in reality. The truth is, many authors have a hard time getting it published. Jack Canfield, author of the "Chicken Soup" books has a favorite word when he was getting multiple rejections - "Next!"
Anyway, even if you finally do get a publisher to take on your book project, and a promotion agent to write a press release, you will still end of doing the promotion leg work yourself. also, the publisher gets to keep most of the money. He shows examples of authors who wrote books that sell for about $15 and their cut is about .50 per book. Now THAT is wimpy!
According to Bowerman, once they write the press release, the publisher is done. On to the next Stephen King wannabe. There is only one person in the whole world who really cares about making sure that your book is promoted regularly - the author. So if you have to promote it yourself, why not publish it yourself.
The whole reason for this book was that I was meeting many people in this area who really weren't getting the most from their 401(k). Northern Indiana is one of the hardest hit areas for unemployment, and many folks simply cashed it in, in spite of taxes and penalties. Others who didn't cash in stopped contributing to their 401(k) especially if their company stopped matching contributions. There is no doubt in my mind that people need to have a much better understanding of how the 401(k) works.
Someone needs to say - This is your retirement plan. It may also be the only savings you have, so you'd better stop being 'wimpy' about it and start saving.
"Help! My 401(k) Has Fallen - And Must Get Up!" reveals little known secrets about 401(k) plans and IRAs. If you read the book, you will understand them and get more from them.
That's all for today. I really apreciate those who have been reading this, and those who have been supporting me. Also thanks to those who have been listening to "Improving Your Financial Health" on either Blog Talk Radio or WHME-FM.
Diary of a Wimpy 401(k) - Day One
I haven't blogged much lately for 2 reasons. First, I have spent most of my spare time on my book, which is basically finished, at least the writing part. It is titled, "Help! My 401(k) Has Fallen - And Must Get Up!"
That was the easy part. Now comes the hard part - getting it off of my computer and into book form. Then we need to get it into your hands, and the hands of those who need help with their 401(k).
Then I had an idea......why not write a diary? I could log the process of getting a book published.
My daughter has really enjoyed the "Diary of a Wimpy Kid" books by Jeff Kinney, which is now being made into a movie. The books really are funny, and bring back a lot of middle school memories. (OK, Jeff - since I just plugged your books, please don't sue me.)
My other inspiration here was from the movie "Julie & Julia". Don't worry, I can't talk like Julia Child, or cook like her. My main culinary feat is chili, and I don't think Ms. Child ever did that!
The movie talked about how the other main character, Julie Powell, wrote a daily blog about Julia Child's cookbook "How to Master the Art of French Cooking".
So, I have decided to chronicle my adventures of getting the book "Help! My 401(k) Has Fallen - And Must Get Up!" into print. Stay tuned, this could get 'wimpy'.
That was the easy part. Now comes the hard part - getting it off of my computer and into book form. Then we need to get it into your hands, and the hands of those who need help with their 401(k).
Then I had an idea......why not write a diary? I could log the process of getting a book published.
My daughter has really enjoyed the "Diary of a Wimpy Kid" books by Jeff Kinney, which is now being made into a movie. The books really are funny, and bring back a lot of middle school memories. (OK, Jeff - since I just plugged your books, please don't sue me.)
My other inspiration here was from the movie "Julie & Julia". Don't worry, I can't talk like Julia Child, or cook like her. My main culinary feat is chili, and I don't think Ms. Child ever did that!
The movie talked about how the other main character, Julie Powell, wrote a daily blog about Julia Child's cookbook "How to Master the Art of French Cooking".
So, I have decided to chronicle my adventures of getting the book "Help! My 401(k) Has Fallen - And Must Get Up!" into print. Stay tuned, this could get 'wimpy'.
Sunday, February 21, 2010
Blog Talk Radio - Be Our Guest
I've been a bit busy this week, working on my upcoming book, "Help! My 401(k) Has Fallen - And Must Get Up!" . This is an "everyman's" (and everywoman's) guide to getting more from your 401(k) plan. Most books I have seen on 401(k) plans really are geared more to advisors and financial people, which is what inspired me to write it.
For most of us, the 401(k) is a major source of our savings, and for some it may be the ONLY source of savings. We need to get more out of it if we want to retire someday and have our money last the rest of our lives. I'm very excited to contribute something unique - and hope others find it helpful.
Anyway, I plan on doing more with the blog and hope that my message finds the right people. Last week I wrote about Blog Talk Radio. My experience with Blog Talk Radio has been great. I began using it in July 2009 on the advice of a friend of mine, Brian Seim, a radio veteran.
Although I have made a TON of mistakes (and still do!), I must have done a few things right also. A few weeks ago I began an affiliation with WHME-FM in South Bend (103.1) . We agreed to replay my interviews from Blog Talk Radio as a 30 minute program on Saturday mornings - "Improving Your Financial Health" .
If I had to pick the one factor which has made the show appealing - its the GUESTS! My guests have mostly been financial experts and authors, although some have been very interesting people with great personalities with no financial background at all. Even so, they had something of value to share with listeners and wer a lot of fun to talk with. Some examples would be Ruben Gonzalez, a 4 time Olympian who has written 3 books on staying motivated, or Charlie Adams, who is also a professional speaker and helps High School athletes to get college scholarships. Kristen Harmel who has written 6 novels and has a passion for helping kids with reading, Kay Yasin who overcame personal tragedies to change her life and is now an expert trainer and bodybuilder, and Darin Pritchett who is well known in the South Bend area for his Weekday Sportsbeat show. These and many others are wonderful people and gave fun & interesting interviews. All would all be welcome guests in the future.
Once I committed myself to doing the program, I have always been on the lookout for people who would make great guests . When I find someone I like, I contact them and and tell them about the program and try to schedule a time for them to be on. Always let them know that you are doing this regularly (for me once a week) and tell them names of other guests I've interviewed.
Whatever you choose to do a program about - for business or for fun - I would certainly recommend having interesting guests that fit in with your message. Again, the guests make the show fun. (Who would want to listen to just me for 30 minutes?)
People have often asked me where I find my guests. You can find guests in several places. My main source would be searching the internet for financial blogs or articles I also subscribe to Money and Smart Money magazines and have found great articles there.
Referrals can be a great source also once you tell others what you are doing. My friend, Nikki Stauffer in Ada, MI deserves a special mention. She has referred 2 nationally recognized financial experts and authors to me who are guests. Eric Tyson (author of "Investing for Dummies" and "Personal Finance for Dummies") was one. There aren't many financial advisors out there who can say they have their own "jingle" written by Paul Shaffer of the David Letterman band. Another is Robert Krakower, who has graciously agreed to be interviewed on March 23. His new book is titled "Redefining Retirement for a New Generation".
By the way, Nikki Stauffer has a great weekly show of her own, "Gather Round the Table" . She has also done pretty well with guests, including Megyn Price (Rules of Engagement), Maria Canals-Barrera (Wizards of Waverly Place), and Mayim Bialik (Blossom), among others. This program promotes the importance of family values by eating meals together, and Nikki's guests normally share one of their favorite recipes. Check out her site and archived interviews at http://www.gatherroundthetable.com/.
I also need to thank Erica Sandberg one of my early guests, and author of "Expecting Money", for her referral of a colleague of hers, Sally Herigstad, CPA, and author of "Help! I Can't Pay My Bills!". Both ladies were wonderful guests and I look to have them on Blog Talk Radio again.
Pam Batcho of Express Pros, also has been a great referral source. She referred Ruben Gonzalez, whom I mentioned earlier and also her boss, Norm Robertson, owner of the local Express Pros branch.
Sometimes, it pays to be persistant. Anya Kamenetz was a young lady I had really admired from reading her first book, "Generation Debt" a few years ago. It highlights the challenges of being young today, especially with the high costs of college and student loans. Anya was nominated for a Pulitzer Prize for her efforts.
She is also a nationally recognized speaker, and has appeared on college campuses nationwide.
I knew Anya would make a great guest, and tried to e-mail her (4 times over 6 weeks) with no reply. Finally one day out of the blue, I got a very kind note from her. She apologized that she had been out of town and wasn't getting her e-mails. She also sent me her personal e-mail and agreed to an interview. The interview went great and it was quite an honor for me.
Whoever the guest is, I really try to be respectful of their time. I really want to make sure the experience goes well for them - I may want to have them back sometime, or want their help with a project.
Before doing a program, I send the guest specific instructions confirming the date and time and Call-In phone number. Since some of my guests live in different parts of the country, I also make sure I note EST - and whatever time it may be for them. 1:00 pm here is 10:00 am in California. That may seem like a small thing, but trust me - its important!
Another habit of mine is to send the guest a list of questions personally tailored to them. Some guests have even suggested questions that the like to be asked. By reviewing their website or reading their books, it has helped me quite a bit to learn about them. It helps the interview to go more smoothly.
My objective is to build them up as an expert which (I hope) makes me look like a good guy as well. Speaking of building up, its also very important to use a proper introduction. A good introduction should be at least 3 sentences, highlighting their achievements. You are telling your listeners why you chose this person to be on your show and why their advice will be valuable to them.
One last point on guests - You can't say "Thank You" enough. I always thank them at the end of the program and give them a chance to give contact information and promote their book or services . After the show, I also send an e-mail thanking them for their time once more.
Blog Talk Radio has been a great venue for me. I plan on writing one more article about Blog Talk Radio, which includes tips and techniques. You can contact me through my website, http://www.helpmy401k.us/ and
through Linked In or Twitter.
There is a Free Report now available through my website, "The 5 Biggest Problems With 401(k)s - And How To Fix Them". Please contact me to receive your free copy. This is a sample of my upcoming book, "Help! My 401(k) Has Fallen - And Must Get Up!"
For most of us, the 401(k) is a major source of our savings, and for some it may be the ONLY source of savings. We need to get more out of it if we want to retire someday and have our money last the rest of our lives. I'm very excited to contribute something unique - and hope others find it helpful.
Anyway, I plan on doing more with the blog and hope that my message finds the right people. Last week I wrote about Blog Talk Radio. My experience with Blog Talk Radio has been great. I began using it in July 2009 on the advice of a friend of mine, Brian Seim, a radio veteran.
Although I have made a TON of mistakes (and still do!), I must have done a few things right also. A few weeks ago I began an affiliation with WHME-FM in South Bend (103.1) . We agreed to replay my interviews from Blog Talk Radio as a 30 minute program on Saturday mornings - "Improving Your Financial Health" .
If I had to pick the one factor which has made the show appealing - its the GUESTS! My guests have mostly been financial experts and authors, although some have been very interesting people with great personalities with no financial background at all. Even so, they had something of value to share with listeners and wer a lot of fun to talk with. Some examples would be Ruben Gonzalez, a 4 time Olympian who has written 3 books on staying motivated, or Charlie Adams, who is also a professional speaker and helps High School athletes to get college scholarships. Kristen Harmel who has written 6 novels and has a passion for helping kids with reading, Kay Yasin who overcame personal tragedies to change her life and is now an expert trainer and bodybuilder, and Darin Pritchett who is well known in the South Bend area for his Weekday Sportsbeat show. These and many others are wonderful people and gave fun & interesting interviews. All would all be welcome guests in the future.
Once I committed myself to doing the program, I have always been on the lookout for people who would make great guests . When I find someone I like, I contact them and and tell them about the program and try to schedule a time for them to be on. Always let them know that you are doing this regularly (for me once a week) and tell them names of other guests I've interviewed.
Whatever you choose to do a program about - for business or for fun - I would certainly recommend having interesting guests that fit in with your message. Again, the guests make the show fun. (Who would want to listen to just me for 30 minutes?)
People have often asked me where I find my guests. You can find guests in several places. My main source would be searching the internet for financial blogs or articles I also subscribe to Money and Smart Money magazines and have found great articles there.
Referrals can be a great source also once you tell others what you are doing. My friend, Nikki Stauffer in Ada, MI deserves a special mention. She has referred 2 nationally recognized financial experts and authors to me who are guests. Eric Tyson (author of "Investing for Dummies" and "Personal Finance for Dummies") was one. There aren't many financial advisors out there who can say they have their own "jingle" written by Paul Shaffer of the David Letterman band. Another is Robert Krakower, who has graciously agreed to be interviewed on March 23. His new book is titled "Redefining Retirement for a New Generation".
By the way, Nikki Stauffer has a great weekly show of her own, "Gather Round the Table" . She has also done pretty well with guests, including Megyn Price (Rules of Engagement), Maria Canals-Barrera (Wizards of Waverly Place), and Mayim Bialik (Blossom), among others. This program promotes the importance of family values by eating meals together, and Nikki's guests normally share one of their favorite recipes. Check out her site and archived interviews at http://www.gatherroundthetable.com/.
I also need to thank Erica Sandberg one of my early guests, and author of "Expecting Money", for her referral of a colleague of hers, Sally Herigstad, CPA, and author of "Help! I Can't Pay My Bills!". Both ladies were wonderful guests and I look to have them on Blog Talk Radio again.
Pam Batcho of Express Pros, also has been a great referral source. She referred Ruben Gonzalez, whom I mentioned earlier and also her boss, Norm Robertson, owner of the local Express Pros branch.
Sometimes, it pays to be persistant. Anya Kamenetz was a young lady I had really admired from reading her first book, "Generation Debt" a few years ago. It highlights the challenges of being young today, especially with the high costs of college and student loans. Anya was nominated for a Pulitzer Prize for her efforts.
She is also a nationally recognized speaker, and has appeared on college campuses nationwide.
I knew Anya would make a great guest, and tried to e-mail her (4 times over 6 weeks) with no reply. Finally one day out of the blue, I got a very kind note from her. She apologized that she had been out of town and wasn't getting her e-mails. She also sent me her personal e-mail and agreed to an interview. The interview went great and it was quite an honor for me.
Whoever the guest is, I really try to be respectful of their time. I really want to make sure the experience goes well for them - I may want to have them back sometime, or want their help with a project.
Before doing a program, I send the guest specific instructions confirming the date and time and Call-In phone number. Since some of my guests live in different parts of the country, I also make sure I note EST - and whatever time it may be for them. 1:00 pm here is 10:00 am in California. That may seem like a small thing, but trust me - its important!
Another habit of mine is to send the guest a list of questions personally tailored to them. Some guests have even suggested questions that the like to be asked. By reviewing their website or reading their books, it has helped me quite a bit to learn about them. It helps the interview to go more smoothly.
My objective is to build them up as an expert which (I hope) makes me look like a good guy as well. Speaking of building up, its also very important to use a proper introduction. A good introduction should be at least 3 sentences, highlighting their achievements. You are telling your listeners why you chose this person to be on your show and why their advice will be valuable to them.
One last point on guests - You can't say "Thank You" enough. I always thank them at the end of the program and give them a chance to give contact information and promote their book or services . After the show, I also send an e-mail thanking them for their time once more.
Blog Talk Radio has been a great venue for me. I plan on writing one more article about Blog Talk Radio, which includes tips and techniques. You can contact me through my website, http://www.helpmy401k.us/ and
through Linked In or Twitter.
There is a Free Report now available through my website, "The 5 Biggest Problems With 401(k)s - And How To Fix Them". Please contact me to receive your free copy. This is a sample of my upcoming book, "Help! My 401(k) Has Fallen - And Must Get Up!"
Monday, February 15, 2010
So You Want to be a Radio Star?
Did you ever say to yourself "I could be a radio star too. I just need the chance!" and you never gave it another thought, because you had no idea how or where to start?
Well, if you ever thought these things, and you are reading this - TODAY is your lucky day!
What if I told you that you could host your very own radio program - ANYTIME - even TODAY if you want, and the cost is practically ZERO?
Great News! You CAN do this on Blog Talk Radio. You can talk sports, movies, celebrities, or be educational and informative. Say what you want - how you want. (Well, there may still be a few things you can't or shouldn't say.)
Blog Talk Radio was started in 2006 by Alan Levy, a former accountant and telecommunications executive, who wanted to provide a way for bloggers to communicate directly with their audiences in real time. He set up a blog for his family to provide updates on his ailing father which they could hear. In February of 2008, David Winer of the Scripting News called it "the simplest podcast ever". Blog Talk Radio has been referred to as a site that has become the dominant player in the latest media trend, one that allows anyone with a Web connection to host a talk show on any topic at any time of day. It is the newest form of new media; the audio version of the internet blog. All you need is a telephone and a computer!
Blog Talk Radio's website claims to have "tens of thousands of hosts and millions of listeners tuning in and joining the conversation each month".
It is becoming the newest force in Social Media, and its fun and easy to use. I should know. As a licensed advisor, I've hosted a financial advice program on Blog Talk Radio, "Improving Your Financial Health" since July 15, 2009. My listener base has gradually grown with each program. When I last checked, I had 1272 people who have listened to one or more of my programs and 2262 who have visited my page. My Blog Talk Radio program has just recently been picked up by WHME-FM 103.1 here in South Bend for re-broadcast Saturdays at 9:00 am.
When we normally hear about social media sites, it's normally the "Holy Trinity" of LinkedIn, Facebook, and Twitter which get the attention. I've heard LinkedIn referred to as "business formal", Facebook as "casual" and Twitter as a "worldwide cocktail party. So where does Blog Talk Radio fit in?
Simply put, it's the newest form of blogging - an audio blog. It you believe your message is important and needs to be HEARD verbally, (and you can't seem to limit yourself to 140 characters or less), then Blog Talk Radio may be for you.
I stumbled across Blog Talk Radio last summer. A friend of mine had e-mailed me the link, after I told him about hearing the usual rejections from local stations about doing a financial advice show. What a surprise I found there! There were shows on all types of topics 24 hours a day! A few of them even had celebrity hosts or guests. Bill Cosby has hosted a program there, and Pres. Barack Obama had also joined a broadcast last August during the healthcare debate.
Setting up a profile was very easy - about the same as doing it on any other website. Once you've set up a profile page, go ahead and browse through other programs. Get a feel for what you like (or don't like) You can have a free membership, or a premium one at $39.00/month. I find that the free membership works just fine. Paid memberships allow you to take more calls and schedule programs longer than 1 hour. (You really should be able to say what you want in less than 1 hour!)
Scheduling a program is simple also. Everything about Blog Talk Radio is very user friendly. Just 'name' your show, describe what it's about, and pick a date and time. You can even do a show the same day if you want. Before you know it, you'll be ranting like Rush! You can even select music or sound effects to enhance your show, or have guests. You can even select Revenue Sharing. Just don't expect Super Bowl style bucks to come rolling in.
Customer Service at Blog Talk Radio is exactly that. Even with my free account, I've only needed to contact them a few times. When I do, they are easy to reach, and have always been friendly and helpful at getting issues resolved. You can probably tell by now that I am a huge fan of Blog Talk Radio. There is plenty of potential here.
My next article will include some techniques for using Blog Talk Radio effectively and making it part of your social media package. Please contact me for more information on 401(k) plans or IRAs. You may also contact me on LinkedIn or Twitter. "Improving Your Financial Health" is a weekly financial advice program which often includes intriguing guests - both financial and non-financial.
Wednesday, February 10, 2010
Tax Credit For Small Businesses
Are you a small business owner? If not, do you know any?
These days its hard enough to make ends meet and keep your business going. Small businesses like yours are the key to reviving our economy.
Would you like an idea that will help you and your employees to save money and reduce your taxes?
Did you know that when you establish a 401(k) or other kind of qualified retirement plan, you may be eligible for a tax credit equal to 50% of the cost of starting up and administering the plan? The maximum allowable credit is $500 per year for each of the first 3 years of the retirement program. This is according to EGTRRA (Economic Growth and Tax Relief Reconciliation Act of 2001) .
Other types of retirement plans for small businesses which qualify for the tax credit are the SEP IRA (Simplified Employee Pension Plan) and the SIMPLE IRA (Savings Incentive Match Plan for Employees) .
To qualify for the tax credit:
* The plan sponsor must incur qualified startup costs. These would be expenses for setting up or maintaining the plan, or for retirement-related employee education.
* The plan must be a new plan established AFTER December 31, 2001.
* The plan must have at least one non-highly compensated employee. Usually this would be someone who is not an owner and has earned less than $105,000 in the prior year.
* The plan sponsor must have employed 100 people or less who received at least $5000 or more in compensation during the prior year.
Does this sound like your business so far? If I can help you & your employees to save money for your future needs and lower your taxes, please contact me today. This will be part of my upcoming book as well – “Help! My 401(k) Has Fallen and Can’t Get Up!”
I should also mention that unless the current law changes, EGTRRA is set to expire at the end of 2010.
Please contact me for more information on 401(k) plans or IRAs at http://www.helpmy401k.us/.
You may also contact me on Linked In at http://www.linkedin.com/in/dvoelker or Twitter at http://www.twitter.com/deanvoelker. I also host a weekly financial advice program, Improving Your Financial Health at http://www.blogtalkradio.com/401kcoach.
These days its hard enough to make ends meet and keep your business going. Small businesses like yours are the key to reviving our economy.
Would you like an idea that will help you and your employees to save money and reduce your taxes?
Did you know that when you establish a 401(k) or other kind of qualified retirement plan, you may be eligible for a tax credit equal to 50% of the cost of starting up and administering the plan? The maximum allowable credit is $500 per year for each of the first 3 years of the retirement program. This is according to EGTRRA (Economic Growth and Tax Relief Reconciliation Act of 2001) .
Other types of retirement plans for small businesses which qualify for the tax credit are the SEP IRA (Simplified Employee Pension Plan) and the SIMPLE IRA (Savings Incentive Match Plan for Employees) .
To qualify for the tax credit:
* The plan sponsor must incur qualified startup costs. These would be expenses for setting up or maintaining the plan, or for retirement-related employee education.
* The plan must be a new plan established AFTER December 31, 2001.
* The plan must have at least one non-highly compensated employee. Usually this would be someone who is not an owner and has earned less than $105,000 in the prior year.
* The plan sponsor must have employed 100 people or less who received at least $5000 or more in compensation during the prior year.
Does this sound like your business so far? If I can help you & your employees to save money for your future needs and lower your taxes, please contact me today. This will be part of my upcoming book as well – “Help! My 401(k) Has Fallen and Can’t Get Up!”
I should also mention that unless the current law changes, EGTRRA is set to expire at the end of 2010.
Please contact me for more information on 401(k) plans or IRAs at http://www.helpmy401k.us/.
You may also contact me on Linked In at http://www.linkedin.com/in/dvoelker or Twitter at http://www.twitter.com/deanvoelker. I also host a weekly financial advice program, Improving Your Financial Health at http://www.blogtalkradio.com/401kcoach.
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