S-Corp Solo 401k vs. Sole Prop Solo 401k
You have probably heard that having an S-Corp or an LLC taxed as an S-Corp is superior to a sole proprietorship. Usually, the supporting example is related to self-employment tax and limited liability. There is also one other element that is rarely discussed: retirement plan efficiency. An S-Corp Solo 401k is much more efficient than […]
Extra “Credits” for a Solo 401k
Your contributions to your Solo 401k don’t just reduce your taxable income, they are make you eligible for extra tax credits and deductions. Adjusted Gross Income (“AGI”) is often the input in determining whether you are eligible for tax credits and deductions. Accordingly, the lower your AGI the more likely it is you will be […]
Spousal Solo 401k
If you are a solopreneur who fell in love with another solopreneur then congrats! You are well on your way to a spousal Solo 401k. You can both set up your own Solo 401k and build tax-advantaged wealth faster than your friends who are employees. But what if you are a solopreneur who fell in […]
Solo 401k vs SEP IRA
A solopreneur has a significant advantage when it comes to retirement planning. Unlike an employee, a solopreneur has wide latitude with what kind of plan they may use. They also have the ability to be very generous to themselves or skip the plan altogether, and they may change their minds from year to year. Two […]