#407 Awesome Year-End Tax Tips
Main Street Business
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Solo 401k - You Double Your Money?
If you are self-employed with no employees, the retirement account you should be using is a solo 401k. You could over 60 grand a year into it, your spouse can be included on it if they're involved in your business and working there too. Take some of your traditional IRA money and convert it to Roth. Do a little bit. Just do a piece. Pay the what you're going to pay in tax. Get it to a Roth position. If you don't convert to Roth by December 31st, that chunk is gone for this year of any sort of conversion.
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