Smoky Mountain Trader

August 15, 2019

The Smoky Mountain Trader a free Classified paper serving 12 counties in 3 states. Hamblen, Knox, Jefferson, Cocke, Grainger, Sevier, Hancock, Hawkins, Claiborne and Greene Counties in Tennessee. Plus Lee County Virginia and Bell County Kentucky.

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R.S.G. HOME IMPROVEMENT Residential or commercial. Roofing: all types and repairs,Siding, vinyl siding, soffit, guttering, windows, and doors. We paint metal roofs,houses, mobile homes, and barns. Over 45 years experience. Free Estimates. All work guaranteed. Call 423-293-5078 570 Commercial Trucks 1985 D Chec Diesel Dump Detroit Day: 865-279-9090; Night: 423-869-9191. 1985 F Diesel Dump Cummins Day: 865-279-9090; Night: 423-869-9191. As a business owner, you can't afford to ignore your competition. You can't afford to miss out on the trends affecting your industry. You can't afford to alienate customers. And here's one more item to add to the list: You can't afford not to create a retirement plan for yourself. Of course, you might think that, one day, you'll simply sell your business and live off the proceeds. But selling a business isn't always simple, and there's no guarantee you'll receive enough to pay for a comfort- able retirement – which is why you should strongly consider creating a retirement plan now. Here are some of the most widely used plans: SEP-IRA: You can contribute up to 25 percent of your compensation — as much as $56,000 in 2019 — to a SEP-IRA. Your contributions are tax deductible and your earnings grow tax-deferred until withdrawn. This plan offers you significant flexibility in making contributions for yourself and your employees. Plus, as an employer, you can generally deduct, as business expenses, any contributions you make on behalf of your plan participants. SIMPLE IRA: In 2019, you can put in up to $13,000 — or $16,000 if you're 50 or older — to a SIMPLE IRA. As is the case with the SEP-IRA, your earnings grow tax deferred. You can match your employees' contributions dollar for dollar, up to 3 percent of compensa- tion. If you work for yourself, you can combine employee and employer contribu- tions, so if you use the 3 percent matching rule, and you earn enough to fully match employee contributions, you can put in up to $26,000 per year (or $32,000 if you're 50 or older). Alternatively, you could contribute 2 percent of each eligible employee's compen- sation each year, up to a maximum of $5,600, regardless of whether the employee contrib- utes. Contributions to your employees are tax deductible. "Owner-only" 401(k) plan: If you have no employees other than your spouse, you can establish an "owner-only" 401(k) plan, which functions similarly to a 401(k) plan offered by a large employer. Between salary deferral and profit sharing, you can contribute up to $56,000, in pre-tax dollars, to your owner-only 401(k), or $62,000 if you're 50 or older. Like a SEP-IRA and SIMPLE IRA, a 401(k) provides the potential to accumulate tax-deferred earnings. However, you could choose to open a Roth 401(k), which can be funded with after-tax dollars. With a Roth 401(k), your earnings can grow tax-free, provided you've had your account at least five years and you don't start taking withdrawals until you're at least 59-1/2. Which plan is right for you? The answer depends on several factors, such as whether you have any employees and how much money you can contribute each year. But all the plans mentioned above are generally easy to establish, and the administrative costs are usually minimal. Most important, any one of them can help you build some of the resources you'll need to enjoy the retirement lifestyle you've envisioned. To select an appropriate plan, you may want to consult with your tax and financial advisors. In any case, don't wait too long. Time goes by quickly, and when you reach that day when you're a "former" business owner, you'll want to be prepared. Business Owners: You Need Business Owners: You Need Your Own Retirement Plan Your Own Retirement Plan Marcus Trantham Financial Advisor 6144 Cumberland Gap Parkway Suite 3 Harrogate, TN 37752-7861 Bus. 423-869-3608 Fax 888-810-2732 marc.trantham@edwardjones.com www.edwardjones.com/marc-trantham This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Edward Jones, its employees and financial advisors are not estate planners and cannot provide tax or legal advice. You should consult your estate-planning attorney or qualified tax advisor regarding your situation. APPALACHIAN APPALACHIAN AUTO REPAIR AUTO REPAIR APPALACHIAN AUTO REPAIR 520 Jarnigan Ave. 520 Jarnigan Ave. Morristown, TN Morristown, TN 423-587-2260 423-587-2260 520 Jarnigan Ave. Morristown, TN 423-587-2260 Brakes $89.99 Per Axle Alignment $44.99 Oil Change & Tire Rotation $34.99 www.thesmtrader.com August 15 - August 21, 2019 - The Smoky Mountain Trader - Page 19 CLASSIFIEDS WORK!

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