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If you own a business with no employees (therefore not beholden to the safe harbor rules) your 401k contributions can be up to $53k (for 2015), including the $1
by zrail 11y ago
If you own a business with no employees (therefore not beholden to the safe harbor rules) your 401k contributions can be up to $53k (for 2015), including the $18k personal contribution and an additional $35k of profit sharing. These numbers are scaled up each year, but I can absolutely see $400k spread across 401(k) and IRAs for a successful business owner.
- Abundnce10 11y agoAny other perks like this (business owner with no employees) I can take advantage of?
- zrail 11y agoIf you are taxed as an S-corp you can deduct 100% of your health insurance premiums, at least through 2015. The IRS is still trying to figure out how the ACA applies, so this may be different in 2016. That's the only other one I can think of.