✅ Solo business owner?
✅ Make more than $230K in net income?
Congrats...you may be eligible to put $70K (or more) in a 401k for 2025. 👇
Step 1:
Create a solo biz that makes $230K in net income (Hard part)
PS - This biz CAN include a spouse, but still be identified as a Solo Business.
Step 2:
Open a Solo 401k (MySolo401k.net or Carry are two companies that can help you open a solo 401k).
Step 3:
Work with an accountant to determine your net biz income, to determine HOW much you can legally shield from Uncle Sam.
Step 4:
Contribute $23,500 to ROTH as an EMPLOYEE
Contribute $46,500 to ROTH as EMPLOYER (assuming net income is high enough)
(*If older than age 50, you can contribute even more to these accounts)
*Roth accounts do not provide a tax break in the year you make the contribution...BUT, they will grow 100% TAX FREE (if used correctly).
AMAZING opportunity to put more than $70K away that will never be taxed again!!
**The cool part with Solo 401k: You get to contribute as BOTH the employER and the employEE.
This allows you to maximize retirement savings (aka tax-advantaged accounts) while ALSO investing for your future.
*Not tax/investment advice, PLEASE do research before moving forward with anything.