At the end of every year, some business owners face situations where they need to set up retirement plans at the last minute due to numerous reasons. We dedicated this episode to reviewing how business owners may overcome this challenge. Over the years, Grant has come up with some strategies and maneuvers that may help you set up retirement plans and make deductible contributions late in the year. Throughout the episode, Grant shares how to implement these strategies in your business.
Solo 401k plans have many aliases: solo-k, uni-k, and one-participant-k, among others. Whatever you want to call it, the retirement plan is one of my very favorite for small business owners without eligible participants. They’re easy to set up, inexpensive to operate, and simple to maintain.
One of the few downsides of solo 401k’s is that they do have one murky intricacy: determining the maximum amount you can contribute in a given year.
This post will cover how to calculate solo 401k contribution limits. We’ll cover the contribution calculations, the deadlines, and everything else you need to know about the accounts.