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These plans are attractive in the event you intend to sock away big sums – you are able to contribute as much as $49,000 in 2010. But 401(k) plans need much more paperwork than SEP IRAs. In case your account balance exceeds a particular quantity, you need to file a unique tax return for the strategy, which can add slightly to tax-preparation expenses and hassles.

Additionally, numerous from the firms which will assist you to setup a solo 401(k) account levy setup charges (usually $100 to $375, based around the degree of service and also the size of one's account) in addition to annual charges of $10 to $250.

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