Ask Paula: Traditional IRA vs. Roth IRA -- What Should I Choose?
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How Can I Defer Taxes for My Side Hustle Income for 2018?
"We save over half of our income each month and most of that savings is going towards what will hopefully be our first home purchase this summer. Last spring, we were surprised with having to pay in the IRS in both state and federal taxes like a few thousand dollars," David says. "Can I open a solo 401k or a SEP IRA for myself based on that side hustle income in order to reduce our overall taxable income for 2018?" he asks. 'That is a great way of not only deferring taxes by virtue of being able to put some of your income into a tax deferred retirement account,' Dave adds.
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