Tag Archives: schedule c

IRS Extends Contribution Deadline to May 17, 2021 for Self-Directed Solo 401k Year 2020 Contributions for Sole Proprietors and Independent Contractors

On March 17, 2021, the IRS announced the extension of the deadline for individuals to file their year 2020 federal income tax return.  The original due date was April 15, 2021. With the IRS automatic extension, the deadline is now May 17, 2021.  This extension to file later positively impacts solo 401k contributions for sole proprietors and […]

Income Not Considered Self-Employment Income for Opening or Making Annual Solo 401k Contributions

The following income is not considered earned income from self-employment; therefore, it does not qualify for participating in a solo 401k plan or for making annual contributions to a solo 401k plan. Alimony Pay stemming from divorce Earnings and profits from property and investments, such as rental income, interest income, and dividend income Deferred compensation […]