Hiring your spouse to work as an employee in your business can save you big on taxes. The savings can be particularly great if you are a sole proprietor or have a single-member LLC taxed as a sole proprietorship or as a partnership (as long as your spouse is not a partner). But this arrangement...
Author: Kenner French
SEP IRA vs Solo 401(k): Which Makes You Rich?
The answer is…it depends! One nice thing, the government does help you in both types of plans. Uncle Sam, with both the SEP IRA and the solo 401(k) retirement plans, allows your investment in your tax-favored retirement: to be deductible when you invest the money in the plan, 2. grows tax-deferred inside the plan, and...
End of the Year Financial Essentials!
The end of the year provides an ideal opportunity to reflect on the status of your personal finances and review your evolving goals and objectives for the year ahead. Below are seven things you MUST do to be prepared for a fun New Year’s Eve: Get Organized. Pull together all of your important papers, including any...