Vast Voice: Telling Business Secrets to Entrepreneurs‪!‬ R. Kenner French and VastSolutionsGroup.com

You asked for a 2023 quick reference guide to retirement planning for the small business owner — so here you go. Some plan options for small entities and the self-employed include SEP-IRAs, SIMPLE IRA plans, SIMPLE 401(k) plans, and individual 401(k) plans. Each plan has specific features, requirements, and contribution limits that should be considered when choosing the right plan for your business.


SEP-IRAs (Simplified Employee Pension)


Ideal for small businesses and self-employed individuals
Employer-funded, with flexible annual contribution limits
Contributions are tax-deductible for employers
Easy to set up and maintain, with low administrative costs
Employees are immediately 100% vested in their accounts

2. SIMPLE IRA Plans (Savings Incentive Match Plan for Employees)


Designed for small businesses with 100 or fewer employees
Both employers and employees can contribute
Employers must choose between matching contributions or making non-elective contributions
Mandatory annual contribution requirements for employers
Lower contribution limits compared to other retirement plans

3. SIMPLE 401(k) Plans


Similar to SIMPLE IRA plans but with 401(k) features
Designed for small businesses with 100 or fewer employees
Both employers and employees can contribute
Employers must choose between matching contributions or making non-elective contributions
Allows for loans and hardship withdrawals

4. Individual 401(k) Plans (Solo 401(k))


Suitable for self-employed individuals and owner-only businesses
Both employers and employees (in the case of owner-only businesses, the owner and their spouse) can contribute
Higher contribution limits compared to SEP-IRAs and SIMPLE IRAs
Allows for loans and hardship withdrawals
More complex administration compared to SEP-IRAs and SIMPLE IRAs

Keith Andrews, a commercial real estate expert. Keith shares his background and experience in the industry and discusses the benefits of joining EXP Commercial.



He also provides insights on transitioning from residential to commercial real estate and the earning potential in the commercial sector. Keith emphasizes the importance of building relationships and offers advice on sales strategies.



He introduces the concept of the seven groups to grow your business and concludes with his contact information for those interested in joining his community.

AI is changing everything and it's essential for businesses to implement AI to stay competitive. Vast Solutions Group specializes in helping businesses implement AI.



They offer tools and services to automate processes, onboard clients, and provide value to customers. AI can automate social media, automate client onboarding, and provide automated responses to customer inquiries.



It's important for businesses to stay ahead of the curve and leverage AI to improve efficiency and growth.

Entrepreneurs often miss deductions which means they are leaving money on the table. What is the number one missed deduction? Hmm, read on…

One of the most commonly missed deductions for entrepreneurs is the home office deduction. This deduction allows business owners who work from home to claim a portion of their home expenses, such as mortgage interest, property taxes, and utilities, as business expenses.

To claim the home office deduction, business owners must use a dedicated space in their home exclusively for business purposes. This space must be used regularly and exclusively for business, and cannot be used for any personal purposes.

In order to claim the home office deduction, business owners must also keep detailed records of their home office expenses, including receipts, invoices, and other documentation. They must also calculate the percentage of their home that is used for business purposes, and only claim a deduction for that percentage of their home expenses.

Overall, the home office deduction can be a significant tax savings for entrepreneurs who work from home, but it is commonly missed due to the requirements and limitations of the deduction. It’s important for business owners to familiarize themselves with the rules and requirements for claiming this deduction, in order to maximize their tax savings.

R. Kenner French, is a small business contributor at Forbes.com, author of three books, an executive at both VastSolutionsGroup.com and VastHoldingsGroup.com, a keynote speaker, and a Dave Matthews Band fan!

Kenner and Lily introduce themselves as co-hosts of the podcast 'The Vast Voice: Telling Business Secrets to Entrepreneurs.' They discuss the benefits of podcasting for entrepreneurs and the importance of choosing a co-host who can connect with the audience. They also talk about the logistics of podcasting, including the technology and platforms they use. Kenner shares his experience of how podcasting has helped strengthen relationships with clients and increase brand visibility. They encourage entrepreneurs to start their own podcasts and embrace the vulnerability and excitement that comes with it.

This conversation is an introduction to captive insurance, a strategy that can help business owners lower their tax liability and mitigate risk. R. Kenner French, explains that a captive insurance company is a privately owned property and casualty insurance company that allows business owners to customize their own coverage. By setting up a captive, business owners can write a check to their own insurance company, lower their tax liability, and keep the assets within their control. The conversation also covers the benefits of captive insurance, such as risk reduction, wealth accumulation, and asset protection. The speaker emphasizes the importance of compliance with regulations and the need for a feasibility study before setting up a captive.