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Business Owner Tax Reduction

What is a Solo 401(k)? If you are a business owner with no full-time employees (and, no, your spouse is not considered an employee) then you are eligible for a tax reduction plan designed to help you save for money for retirement.

Also known as a self-employed 401(k) or individual 401(k) plan, this retirement program allows self-employed individuals to reduce their taxable income by as much as $61,000 per year ($122,000 if married). By designating a portion of their income to the Solo 401(k) account, business owners can defer taxes on their savings until they reach retirement age. Plus, contributors can loan themselves a portion of the account at any point in the future.

Solo 401(k)’s can be structured with a Roth component. If you prefer to have no initial tax break and enjoy retirement tax-free then a Roth Solo 401(k) can deliver that outcome! This means that when you retire, the money in your Roth Solo 401(k) plan is available to you in its entirety, providing peace of mind and allowing you to easily plan for your future

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