The creator economy is booming. In a 2022 survey, 30% of surveyed 18 to 24 year olds and 40% of 25 to 34 year olds considered themselves as content creators. In total, about 200 million people worldwide considered themselves as creators. But while the rise of solopreneurs is a positive thing, many creators are wondering […]
Self-employed individuals and business owners have access to a wide variety of special retirement plan options designed specifically for them. There are five different retirement accounts you can choose from. While a traditional or Roth IRA can be opened by anyone with earned income, the solo 401k, SEP IRA, and SIMPLE IRA are only for business […]
A staggering 36% of the US workforce were employed as freelancers in 2022, and this number is expected to grow to 50% by 2027. Out of 164.3 million people in the US labor force, 70.4 million have stated they worked as freelancers either full-time or as a part-time side hustle on top of their day […]
Understanding controlled group rules are important for business owners with multiple business interests. Controlled group rules exist to prevent business owners from offering themselves a retirement plan, like a solo 401k, through a side business, without offering any retirement benefits to their employees. Controlled group rules, especially affiliated service rules, are complex, but can be […]
Qualified Small Business Stock Exemption (QSBS) is one of the powerful tax breaks for small business and startup founders, investors, and employees with equity. It can allow you to completely avoid taxes when selling appreciative assets (like your equity or business), if it’s QSBS eligible. QSBS allows you to avoid taxes on up to $10 […]
Overview What is an alternative asset? Alternative assets, also referred to as alternative investments, are any financial assets that aren’t stocks, bonds, or cash. Common alternative assets include real estate, cryptocurrencies, and private equity. Typically, you cannot invest in alternative assets with most regular retirement plans offered by major financial institutions. To invest in alternative […]
OVERVIEW Purchasing real estate through a retirement account like the solo 401k can be extremely tax-advantageous. Not only do you get tax deferrals until you retire, you also get tax-free withdrawals if you purchase through a Roth solo 401k. In other words, you don’t pay tax on any rental income that your property makes, you don’t pay […]
The Augusta Rule is one of the biggest tax loopholes for business owners. It’s so good that it almost feels illegal. Here’s how it works. Your business can pay you rent to use your own home for a work event for up to 14 days a year. It’s entirely tax-free income to you as the […]
One of the biggest advantages of a solo 401k is that you have more flexibility in how you contribute to your plan. However, this can also cause some confusion if you’re making contributions for the first time. When you open a solo 401k plan, you’ll see several contribution types. If you’re unsure what each one […]