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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.
