Incorporation and Startup Services: We provide a comprehensive range of services to help you legitimize and establish your business. Our offerings include obtaining State IDs, securing business licenses (such as DBA or city business licenses), facilitating corporate formations, and acquiring federal tax IDs. Let us guide you through the process of building a solid foundation for your business.
Self-Employed 401(k) Services: Start early and potentially save more. Exclusive Payroll offers owners-only businesses the opportunity to maximize 401(k) contributions as both employer and employee. Enhance your retirement savings while benefiting from significant tax breaks on business deductions, ensuring a secure and financially sound future
Integrated Payroll Services for Self-Employed Businesses with Future Scalability: Seamlessly integrate your 401(k) with payroll services, enabling pre-tax Solo 401(k) contributions that help build your retirement savings while reducing federal and state taxes. As your business grows, our scalable payroll software easily adapts to support independent contractors and solopreneurs, ensuring a smooth transition when you decide to hire employees.
With Exclusive Payroll, setting up payroll for sole proprietorships or self-employed individuals is straightforward. We offer a streamlined process for paying yourself wages as an employee of your LLC or S Corp, including direct deposit options and assistance with IRS Forms W-4 and W-2.
A Solo 401(k) is a retirement savings plan designed for self-employed individuals and business owners with no employees. It allows you to make both employee and employer contributions, helping you save more for retirement.
For 2024, you can contribute up to $22,500 as an employee, plus an additional $7,500 if you’re 50 or older. As an employer, you can also contribute up to 25% of your compensation, with a total maximum contribution of $66,000 (or $73,500 if you’re 50 or older).
Eligibility for Solo 401(k) and payroll services includes self-employed individuals, sole proprietors, and business owners who do not have any full-time employees other than a spouse. Our incorporation services are available to those looking to set up LLCs or S Corps.
Yes, an EIN (Employer Identification Number) is required to set up a Solo 401(k) and manage payroll. It is used for tax reporting purposes and to identify your business entity.
Yes, Form 1099 independent contractors can benefit from a Solo 401(k) plan. This plan is ideal for self-employed individuals, including those who receive 1099 income.