Money with Katie

#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

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 IRAsWhere your self-employment tax even comes fromHow 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, tooThe only way to avoid paying the 15.3% self-employment taxHow you could save more than $10,000 in taxesThe 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 IRARESOURCES MENTIONEDYou can open a SEP IRA with Betterment todayThe fancy IRS calculator for determining what you're allowed to contribute (but I'd just use the easy formula I mentioned in the episode!)

Duration: 29 min

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