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Navigating finances as a self-employed person can be tricky, if not downright confusing. Where do you start? How do you go about investing and building financial security for yourself when you're...
The self-employed have several plan options, including defined contribution plans such as a solo 401(k), SEP IRA and SIMPLE IRA. But they also have some defined benefit options, too.
The solo 401(k) offers one of the best options for the self-employed to save money quickly, and if your spouse is involved in your business, you can really take maximum advantage of the program.
The self-directed Solo 401(k) Plan typically allows for greater investment options than a brokerage-based Solo 401(k) Plan, including real estate, precious metals, private loans, cryptocurrencies, and private business investments. The only investments not allowed by law are "collectibles" as defined in §408(m) of the IRC. [9]
SIMPLE IRA: A SIMPLE IRA is another option for small businesses and works similarly to a 401(k) plan, though contribution limits are lower. Employees can contribute up to $16,500 to a SIMPLE IRA ...
Scenario #1 – A self-employed accountant makes $50,000 per year from her accounting business. Her maximum contribution is 25% of her post-contribution income ($10,000, which would be the same as saying 20% of her gross income), regardless of whether she uses a SEP-IRA, Keogh plan, or SIMPLE 401(k). Since there are less administrative costs ...
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