$245,000 S-Corp Owner Reduces Taxes and Increases QBI Tax Deduction with 401k

Learn how S-Corp owners can supercharge their retirement savings while lowering taxes (more tax deductions)! In this video, we break down the numbers and show you how a strategic approach to your S-Corp income can make a significant difference in your retirement nest egg.
0:00:00 Intro
00:02:20 How tax brackets work
00:03:40 Total Taxes
00:04:08 Retirement Plan Limits 2023
00:04:40 W2 Income vs Distributions for Retirement Plans
00:06:19 W2 and social security
00:07:44 100k vs 66k Tax Comparison
00:09:38 Social Security Max Retirement
00:10:30 Turning tax savings into $1,251,677
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[@sangwookkang3568]

Thank you for good info.
I have 401a and solo 401k account.
Retirement office said it will be $22,500 for 401a and I can still contribute $22,500 to my own solo 401k in 2023. Is it true??

[@manukaushik144]

In both the examples (W-2 100K and 66K), how are you also including Roth 401K contribution as with pre-tax Solo 401k ($22,500) and then profit sharing contributions you won't have the option/ability to also contribute to Roth 401K?

[@TravisSickle]

The after tax contributions can be made after the 22,500 and profit sharing up to the 66k. It’s shown in the video. $18,500 for the $100k w2 and $27k for the $66k w2.

[@mskiwikiwi1]

Would you please double check on that? My CPA said I can not do that unless I pay myself more so the profit sharing would be higher up to the total of 66k. It sounds too good to be true but I hope you are right@@TravisSickle

[@christinab9133]

❤❤❤

[@mikeki5391]

How did you get $38,952? 24% of which part?

[@TravisSickle]

tax on the total income

[@sourcefor]

Do you know a good accountant that has online presence, I am in Florida!?

[@TravisSickle]

what type of work do you need? personal, s-corp, sole prop, taxes or book keeping?

[@sourcefor]

@@TravisSickle I have an S corp , 1 employee, me! I need someone to help with personal and corporate taxes and give some advice once in a while, it’s not very complex! Thanks!

[@Kbcare01]

@@sourcefor looking for the same! Any luck? @travis can you help me? Thx!

[@Shandryl74]

Same question…single member LLC with s corp election.

[@sourcefor]

No luck yet, possibly through Ramsey Solutions, checking it out!