3 Reasons For Business Owners To Open A Solo 401(k) Before Year End

If you are self-employed or own a business and are annoyed by how much you pay in taxes, you should check out the Solo 401(k). While saving for retirement may not be top of mind for those who love what they do, paying fewer taxes helps you keep more of your hard-earned money. Keep reading to see if now is the time for you to open a Solo 401(k) plan for your business.

This time of year, I’ve been speaking with quite a few business owners who are setting revenue and income records for their businesses. Several of them just filed their 2022 taxes and are freaking out about what their tax bills for 2023 will look like. One of the easiest ways to reduce their tax bills is to pay themselves first and fully fund a Solo 401(k) plan.