The Biden Administration’s Fiscal Year 2025 Budget Proposal has once again resurrected a potential ban on the “Mega Backdoor Roth” strategy. Let’s dive into the history of this proposal and what it could mean for your retirement planning. Video Slides: Proposed Ban Background and History The Mega Backdoor Roth strategy first came under scrutiny by […]
Harvard Law Attorney George Blower reviews the deadline for a Sole Proprietor/Single Member LLC/1099-NEC Independent Contractors to set up a plan in 2024 and make Solo 401k contributions for 2023.
Open Solo 401k FAQ: Do I need an LLC or S corp to open a Solo 401k?
Solo 401k FAQ: How does a change to my self-employed business entity type impact my Solo 401k?
Solo 401k Contributions FAQ – Do I report my solo 401k contributions on Schedule C (1040)?
Solo 401k Daily FAQ – How to calculate self-employment income for a sole proprietor?
The simplest business to form is a sole proprietorship—an unincorporated business entity owned by one person. A sole proprietorship is not registered with the state like an LLC or Corporation, for example. Therefore, the various self-employed plans as generally sponsored in the individual’s name. While sole proprietorships can have employees, many entities are owner-only businesses. […]
