Solopreneur Tax Reduction

income tax

Reducing your least favorite expense

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 this solopreneur 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 plan allows solopreneurs to reduce their taxable income by as much as $73,500 per year ($147,000 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

To find out more fill out the form below to learn how it works in action!

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