Is a Solo 401(k) Tax Deductible?


Generally speaking, contributions made to a Solo 401(k) are tax deductible, since they are made with pretax money. Roth contributions, if allowed by the plan documents, are made with after-tax money, and are therefore not tax deductible.It’s important to note that the employee deferral for a Solo 401(k) must be made with pretax funds, but may be converted to Roth.

Learn more about the Self-Directed IRA: https://www.irafinancialgroup.com/self-directed-ira-product/

Discover more videos by IRA Financial: https://www.youtube.com/user/IRAFinancialGroup/videos?view_as=subscriber

Subscribe to our channel: https://www.youtube.com/user/IRAFinancialGroup?sub_confirmation=1

About IRA Financial:

IRA Financial Group was founded by Adam Bergman, a former tax and ERISA attorney who worked at some of the largest law firms. During his years of practice, he noticed that many of his clients were not even aware that they can use an IRA or 401(k) plan to make alternative asset investments, such as real estate. He created IRA Financial to help educate retirement account holders about the benefits of self-directed retirement plan solutions.

IRA Financial Group is a retirement account facilitator, document filing, and do-it yourself document service, not a law firm. IRA Financial Group does not provide legal services. No attorney-client relationship exists between Client and IRA Financial Group, its management, salespersons or IFG’s in-house legal counsel. IRA Financial Group provides IRA retirement facilitation service and CANNOT provide Client with legal, investment, or financial advice. Prior to making any investment decisions, please consult with the appropriate legal, tax, and investment professionals for advice.

IFG is not engaged in rendering legal, accounting or other professional services. If legal advice or other professional assistance is required, the services of a competent professional person should be sought. (From a Declaration of Principles jointly adopted by a Committee of the American Bar Association & a Committee of Publishers and Associations.). The scope of Professional Services does not include the costs of any custodian related services.

Learn More: https://www.irafinancialgroup.com/about-us/

#Solo401k #401k #SelfEmployed #SmallBusinessOwners #Solo401kRules #taxes #TaxPlanning #AdamBergman #IRAFinancial #TaxPlanning #Solo401kTaxDeductible #Retirement #Roth401k

How to Get Rich Without Earning More Money

How can this be? If you ask me to give you one piece of advice that would change your financial life forever it would be this- It is not how much you make, it is how much you spend. How am I getting richer and richer without making more money? Simple. The things that I emotionally feel like I need keep getting smaller and smaller.

High Frequency Trading May Compel You to Re-Evaluate Your Stock Trading Strategies

The biggest traders on Wall Street are no longer humans representing Brokerage Houses, but uber-speed computers. These electronic traders do not require human intervention to execute their trades, but rely on pre-programmed instructions based on complex algorithms. The trader – in this case the computer – has no equity expertise and does not know the underlying value of the companies or their stocks. It can make thousands of decisions and execute thousands of trades within micro-seconds. What the computer lacks in fundamental knowledge it more than makes up for in rapidity of trade execution and analysis of trends. This new technology represents a “game changer” for investors.

Creative Ways to Save Money

Pay your bills online. It always helps you save on stamps. Watch out for fabulous discount offers for clothes, especially for kids.

Smart Ideas on How to Make Extra Money!

If you’re wondering how to make extra money, there are countless options you could pursue. Ideally, you should go for those lines of work that you enjoy. It would be a real drag to do something you loathe, let alone become proficient at it to the point of being paid for your services. Making extra money will surely involve having a second place of employ, so you’d better decide on something you won’t mind doing after your regular day job.

How To Retire Wealthy

Retiring from a job refers to the time when you stop working but it doesn’t always means that there will be a pause on your earning. After retirement one can either live a life full of enjoyment without any responsibilities or life can become difficult when lack of money makes it hard to fulfill even the basic necessities of life. In some point of job every one of us comes across a thought about how retire wealthy.

You May Also Like