Setting Up Solo 401k
Today I'm working on taxes and finalizing my Solo 401k set up, yes tons of fun...not my favorite way to spend a sunny 75 degree Saturday in San Diego!
That said, I need some guidance on next steps.
Step 1) Have had sole propriatorship for a couple of years (unprofitable)
Step 2) Applied for and received my Tax EIN
Step 3) Gave self-employment info to foxnfox.com's Bruce Fox (great guy, most affordable) who processed the paperwork, and sent me a binder of legalise; this is for a solo 401k only, they do not act as custodians, or admin
Step 4) Acting as custodian, I will need to set up a bank account somewhere (any recommendations on which bank is best?); bank account will be exclusively for Solo 401K. (Will I need a bookkeeper if all transactions are tracked in/out of this bank account?)
Step 5) Roll over my previous employer's IRA and my wife's IRA (is that allowed since she and I are the only 2 employees?) into this new bank account (Hopefully the bank will help me do this?)
Step 6) Can I simply start investing in approved assets/transactions with checkbook control? (Mortgage Notes, and Turn Key SFR's)
Step 7) Can depreciation from properties be accounted on the standard schedule (straight-line, or accelerated)?
For all tax experts, accountants or attorneys, am I missing any steps? Also, I thank you all in advance for answering my "Bolded Questions".