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Reply to "Have a W2 job and some consulting - tax, investment, other tips?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]you can set up a solo 401k for your "business", but you should incorporate. Then you and your "business" can contribute to this 401k. That will reduce your tax liability. I had an LLC for 20 years. Both my spouse and I were on it, and we were able to contribute the max for many years. The last few years of our LLC, we contributed something like $120K combined. Also, certain types of LLC can get a reduction in taxes via QBI. [/quote] Thank you I’ll look into this we were looking at t sep ira but a 401K self employed is probably better. I was given a refund I’ll do more math to figure out and I have the home office but I’ll try to figure out the applicability.[/quote] Contribution limits for SEP IRA and individual 401(k) are the same. SEP has less paperwork over the long haul in my experience. [/quote]
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