The biggest reason why I have a Solo 401k is the fact that I can be my own custodian. You have to be very careful not to comingle. But I do not have to ask to get money to have a house painted. I did miss that 5500 the first year, you are right.
Your options might include the Solo 401(k), SEP IRA, and SIMPLE IRA. The best plan will depend on your reported self-employment income and whether you are looking for tax-deferred or post-tax (Roth) savings. We recommend you speak to your CPA who could analyze and make a recommendation with regard to which account type would make the most sense for you.
7:02 Earned Income is how you contribute
7:16
13:06 Roth Component
The biggest reason why I have a Solo 401k is the fact that I can be my own custodian. You have to be very careful not to comingle. But I do not have to ask to get money to have a house painted. I did miss that 5500 the first year, you are right.
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What's best for a self employed filing schedule c. Besides a roth? In the service business?
Your options might include the Solo 401(k), SEP IRA, and SIMPLE IRA. The best plan will depend on your reported self-employment income and whether you are looking for tax-deferred or post-tax (Roth) savings. We recommend you speak to your CPA who could analyze and make a recommendation with regard to which account type would make the most sense for you.
Is it possible to convert an sdira to a solo 401k once we have a side hustle?
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Thank you