Self-employed people are able to contribute a ridiculous amount of money to their special self-employment retirement accounts. Today, we’re going to dig into:
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Everything you need to know about Solo 401(k)s and SEP IRAs
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Where your self-employment tax even comes from
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How to decide what’s better for you – Solo 401(k) or SEP IRA – depending on how much money you make and whether or not you have a full-time job, too
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The only way to avoid paying the 15.3% self-employment tax
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How you could save more than $10,000 in taxes
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The easy calculation for figuring out how much you’re allowed to contribute to a SEP IRA or Solo 401(k)
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My new strategy for ditching the Backdoor Roth IRA and getting Roth exposure elsewhere, allowing me to use a big, fat SEP IRA
RESOURCES MENTIONED
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You can open a SEP IRA with Betterment today
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The fancy IRS calculator for determining what you’re allowed to contribute (but I’d just use the easy formula I mentioned in the episode!)
