26 min listen
#4: SELF-EMPLOYMENT TAXES: How to Save on Taxes When You're Self-Employed
#4: SELF-EMPLOYMENT TAXES: How to Save on Taxes When You're Self-Employed
ratings:
Length:
30 minutes
Released:
Oct 27, 2021
Format:
Podcast episode
Description
Self-employed people are able to contribute a ridiculous amount of money to their special self-employment retirement accounts. Today, we're going to dig into:
Everything you need to know about Solo 401(k)s and SEP IRAs
Where your self-employment tax even comes from
How to decide what's better for you – Solo 401(k) or SEP IRA – depending on how much money you make and whether or not you have a full-time job, too
The only way to avoid paying the 15.3% self-employment tax
How you could save more than $10,000 in taxes
The easy calculation for figuring out how much you're allowed to contribute to a SEP IRA or Solo 401(k)
My new strategy for ditching the Backdoor Roth IRA and getting Roth exposure elsewhere, allowing me to use a big, fat SEP IRA
RESOURCES MENTIONED
You can open a SEP IRA with Betterment today
The fancy IRS calculator for determining what you're allowed to contribute (but I'd just use the easy formula I mentioned in the episode!)
Everything you need to know about Solo 401(k)s and SEP IRAs
Where your self-employment tax even comes from
How to decide what's better for you – Solo 401(k) or SEP IRA – depending on how much money you make and whether or not you have a full-time job, too
The only way to avoid paying the 15.3% self-employment tax
How you could save more than $10,000 in taxes
The easy calculation for figuring out how much you're allowed to contribute to a SEP IRA or Solo 401(k)
My new strategy for ditching the Backdoor Roth IRA and getting Roth exposure elsewhere, allowing me to use a big, fat SEP IRA
RESOURCES MENTIONED
You can open a SEP IRA with Betterment today
The fancy IRS calculator for determining what you're allowed to contribute (but I'd just use the easy formula I mentioned in the episode!)
Released:
Oct 27, 2021
Format:
Podcast episode
Titles in the series (100)
#6: MY ACTUAL FINANCIAL INDEPENDENCE PLAN: The Next 4 Years of My Life: Today, we're riffing on a few things: How I discovered financial independence, what my life was like then, the progress I've made, and how my goals have shifted since then.Ultimately, we're taking a more thoughtful look at the way we approach financial goals and if – sometimes – we kinda miss the point. by The Money with Katie Show