It is your money in that IRA, and you can get at it, but you may have to pay a penalty to get at it.
With a Roth IRA, you use after-tax dollars to make your contribution and when you withdraw the funds in retirement you will not owe income tax.
A Spousal IRA is used for an unemployed or underemployed spouse with little or no income.
A Rollover IRA allows you to receive distributions from qualified retirement plans such as your 401(k), 403(b), 457.
IRAs were introduced in 1974 and were designed to help individuals not covered by retirement plans at work and to give individuals changing jobs the ability to rollover retirement assets and retain the tax deferred status.
Most small businesses, especially ones run from home, have not given enough thought to planning for disasters, natural or man made.
If you are smart enough to start your own business, you should be smart enough to start a retirement plan as well!
Normally if you purchase capital equipment for your business you don’t get to expense the total cost of the equipment the year you buy it, but Congress wrote an exception into the tax code.
There are many tax deductions for the self-employed and to learn more get yourself a good CPA for your team of advisors.
Small Businesses are defined as having less than 500 employees and according to the SBA