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I'm considering opening a Solo 401K or an SEP-IRA and can't figure out what is the best for my small business. It seems like a Solo 401K may be cheaper. Are there any reason not to open a Solo 401K?


ANSWER


Expert James Noone's Answer:

 Assuming you have no other employees, there is no further reason not to open a 401K for 2012.  If you are looking to contribute to retirement for 2011, you can still do that until the due date of your 2011 tax return, including extensions.

James Noone, CPA

New Hampshire

30 yrs experience

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