Mark Kohler walks through setting up a Solo 401(k) as a business owner. A $1,000 attorney meeting customizes it to your situation. Put your spouse or kids on payroll to boost contribution limits, then structure as an S corp to save on FICA taxes and compound wealth.
Your company could design a retirement account for its owner, its employee, which is you. Our fee at our law firm is $1,000 to meet with a real attorney anywhere in the country and design a 401k tailored to your business. You may have your spouse on the payroll. You might have kids on the payroll. You might be the only one on the payroll who knows. We're going to tailor it to your situation. But when you start to design the payroll portion in combination with the 401k, you find a sweet spot and you start building wealth. With more tax deductions and less tax, that synergy is almost incalculable. It's craz easy how it starts to snowball and grow for business owners. That, my friends, is what the power of the S Corporation unlocks. FICA savings and a Solo 401K.
The secret to managing your family's future #financialfreedom #estateplanning #shorts
Moving Property to an LLC: What They Don't Tell You #realestate #investing #tips
