Is Buying A Franchise Still A Viable Path To Wealth?
A franchise has long been a viable path to wealth. However, the model is under stress from inflation and government regulation.
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Self Employed
SEP IRA vs. Solo 401k for the Self Employed Professional
I’ve recently written about two options for the self-employed professional to save a significant amount for retirement in a tax advantaged way. The SEP IRA, and the Solo 401(k). In this article I’ll summarize the key differences and advantages of one over the other. While both of these plans will help you achieve your goal
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Solo 401k for the Self Employed Professional
Self-employed professionals can save for retirement using tax-advantaged accounts like the Solo 401k, offering both employee and employer contributions tailored to individual goals. The Solo 401k permits pre-tax, Roth, and after-tax contributions and a higher potential savings rate compared to SEP IRAs, with caps at $66,000 for 2023 and $69,000 for 2024. Complexities in administration versus a SEP IRA are offset by the benefit of increased contributions and Roth options. Consulting a tax advisor is advised for compliance and maximizing benefits.
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SEP IRA: Big Tax Savings for the Self Employed Professional
As a self employed professional you are responsible for establishing your own retirement plan. Fortunately there are several options that can result in significant tax savings and help you eventually exit your business with a solid retirement plan. Some retirement plan options for self employed professionals include a SEP IRA, Individual 401k, Defined Contribution Plan,
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