How to Avoid Taxes with Solo 401k - Discover How to Write Off $61,000 In 1 Simple Step

In this video, I'm going to cover everything you need to know to avoid paying taxes with your Solo 401k.

✨Benefits of Solo 401(k) for one owner/spouse business.
✨How to create a Maximum Tax Deduction in one SIMPLE Step.
✨When & how to FUND Your SOLO 401(k).

Every week I provide tax tips and strategies to help you keep the most of your money from your business. So go ahead and browse the tax strategy videos I already have up and, after you subscribe, hit that bell icon so you don’t miss any future money-making tax strategies.

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*Disclaimer This material & presentation content is for informational and educational purposes only. This material and presentation content is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your own attorney, accountant, tax preparer, and/or other advisor regarding your specific situation or your client’s specific situation. The information and all accompanying material are for your use and convenience only.

[borismusheyevcpa]

Hey Everyone, Boris here. Make sure you check out these links.

[AssembledUSA]

I love how he laughed when he said high risk ! Ikr

[wei-ningsun]

Hey Boris, thank you for your informative video. Does it matter from which checking account the funds come from? As an example, if I wanted to contribute the max in a lump sum at the end of the year from my personal checking account, will that be an issue? Or does the employer contribution have to be from the business checking account? Thanks!

[normanstrater]

Wow ! Boris this one is big deal, wish i had known this one years ago. THANK YOU

[MrMmahesh]

Nice explanation, can we have day job 401k and solo 401k employee or it’s only one contribution?
Can we have both spouse and me as solo401k 66k?

[jimt]

Thanks for the video Boris. By deferring the $61, 000 if you are a sole owner of an S corporation are you subjected to employment taxes of 15.3% (employer, employee Social security& medicare) before this gets deferred? If so would it make more sense to take a much smaller wage and take the rest in distributions?

[steveballmer]

I understand the content here. But what I haven't found anywhere is a description of what happens when I put the money into the "Solo 401K". Do I hire a company to run it for me? Is there a list of companies that provide this service? How do I direct an investment - just give them a call and tell them to do the paperwork and mail someone a check?

[Estates]

Great video!! You take a complicated subject and make it easy! Question. If you are in your 60's and you get a $1M lump sum, and you have no existing retirement account and you are self employed, how do you use a solo 401k? Thanks!!

[jennyl]

you have a video for a Roth Solo 401k? Is that a better option than just a solo 401k? How do you go about getting this setup a trust attorney?

[kevinedward]

My state taxes distrubution form simple ira's but NOT 401k's. I plan on working at the non-profit for many more years but I would like to begin rolling over the simple ira to roth. Can I do this via the solo 401k to avoid state taxes? I and 65 years old, and I have a simple IRA at my non-profit.

[shanelvanjaarsveld]

HI, Ive found all your videos SO helpful and educational. THANK YOU. I JUST saw this video. Since its 1 Nov already, can I do a lump sum into my Single 401K or does it HAVE to come out per paycheck over the year?

[pcos]

great video---- so when you do your taxes the next year... you can duduct your contributions ? up to 67k?

[shawnm.]

Great video. This was very helpful. I would love to see another video that goes into more information if you are the only employee (the amount you can invest goes off of your net profits). What this looks like? Can you be a 1099 employee or do you need an LLC?

[niceguyschool]

The best explanation I've found on the subject. Well done! I'm 62 and don't need any income from a new business, can I put the $20500 and the $6000 boost into Solo 401k without paying any salary? ie, is that portion exempt from the 25% of salary rule?

[mike]

Self directed a bit more complicated. For example if you have 500k in your self dir 401k you can just take it a buy real estate. You must have a separate entity LLC for this 401k as the controlling member. Separate bank acts, separate everything.

[ventsislavfilipov]

Thanks! Nice video!
What are some great low cost solo k plans ?? I have an S corp

[headlibrarian]

This video appears to imply that your max contribution doesn’t change when you are eligible for catch up contributions, which isn’t true. A catch up contribution is in addition to your annual maximum. In fact, I’m quite sure that if your salary equals the max you can still add your catch up on top.

[kurthenry]

Hello Boris, Great video! My question is - I work a W2 job full time and part time for my wife's sole proprietorship. I take full advantage of my W2 company 401K (30K) and we have a Solo 401K for my wife. She is able to take the $61K contribution as we've done in past years, but I've not taken out any contribution. Is it possible that I can take a contribution and company match for my participation in the company even though I'm also contributing to my W2 company?

[zhendizhou]

What if I'm the owner of an LLC, and the company has no profit. Does that mean the company cannot make any profit sharing? How I can maximize the contribution?

[JourneyDestinations]

Can I open a Solo 401(k) if I worked as a freelancer? If I worked for some company as a contractor and got 1099-misc with my SSN? Do I need to have an S Corp? I'm confused between Solo and SEP eligibility. Thank you!