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Oh damn—good tricks, thanks, and I didn't realize you could do the 401k max-out thing as a sole proprietor. Tax-advantaged retirement plans in the US really do
by yamtaddle 4y ago
Oh damn—good tricks, thanks, and I didn't realize you could do the 401k max-out thing as a sole proprietor.
Tax-advantaged retirement plans in the US really do seem structured to be nearly useless for normal employees, and very useful to those with a high incomes and a good deal of flexibility in how they structure their finances. I'd like to think that's an accident, but it's probably not.
[EDIT] Last bit not directed at you, just an observation. You gotta do stuff like this, if you can, or get screwed. Which sucks, but those are the rules.
- yieldcrv 4y agowell there is a populist push to get rid of contractors (California AB5, other states, Biden's plan), kind of ignoring that there are high earners running their own plans intentionally as opposed to someone relying on employer health insurance and paid leave but fortunately I think that push is ignoring when an individual applies for the role as a single member LLC or other incorporated entity they control