"MAK" <maks70[at]comcast.net> wrote:

- quote -

You don't need both. You set up a 401(k) plan with a profit
sharing component. It will give you everything you could
possibly want.

Barry Picker, CPA/PFS, CFP

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Greeting to you all.

I am owning a S-Corp with only myself as an employee. This
is my first year.I need some advise as to take maximum tax
benefits by putting money towards retirement.

Can I set up Solo 401K as well as SEP IRA for my
Corporations?

I was told by my accountant that I could do that without any
problem but when I called one of big Financial carrier for
their advise , they told me that I can have one or other but
not both. Is it true?

Also, what are downside of having Solo 401K, I was told that
I can't later switch to SEP IRA(Unless it approved by IRS )
once I have chosen Solo 401K? Is this true?

What is the best from max. tax benefit & management cost
perspective?

Thanks in advance for your help.

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