Sole Proprietorship vs S Corp| Solo 401K | Funding Options
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In this video, Navi will compare the funding options for a solo 401(k) retirement account based on whether your business is taxed as a Sole Proprietorship or as an S Corporation.
So tune in and learn more!
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CHAPTERS
00:00 Introduction
01:30 Sole Prop vs S Corp Comparisons
10:02 Final Thoughts
Disclaimer:
This video was created for informational purposes and it is not to be construed as legal and tax advice specific to your unique situation. Some of the links above are affiliate links which means that if you purchase a product or service with the provided link, I may receive a commission with no additional cost to you.
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Пікірлер: 8
💰 Ready to save THOUSANDS in taxes? Enroll in my course here 👉 navimarajcpa.teachable.com/p/smallbusinesstaxessale
Thank you for this video! Most succinct and clear explanation of this I’ve ever seen. The math was very helpful. Question: As long as the W2 income meets or exceeds the current year’s solo 401k contribution limit, then technically you can still max out the solo 401k as an S Corp, correct?
Is the “Voluntary After-Tax” contribution in either case (SP or S corp elections) a deductible business expense?
@NaviMarajCPA
Ай бұрын
No, it is not tax deductible.
What is the benefit of contributing to an after tax 401K as opposed to contributing that money to a regular investing account?
@NaviMarajCPA
Ай бұрын
Short answer is when you put after tax dollars in a retirement account, you’ll never pay tax on it again regardless of how much it grows to. Downside is you can’t touch the money (without penalty) until age 59 1/2. With a regular brokerage account, you can withdraw the money whenever you want. When you do though, you’ll be subject to capital gains tax. This is an oversimplified explanation and there are always nuances depending on your specific situation.
@ChunCharm
Ай бұрын
@@NaviMarajCPA Gotcha, thanks! I didn't catch that it was a Roth type contribution. I also didn't realize you could contribute more than the max amount for the pre-tax 401K. Thanks for all the explanations!
do you do phone consultations?