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Roth Solo 401k for physicians

If you’re earning $300,000 a year then you want to contribute to a pre-tax solo 401k rather than an after-tax or Roth solo 401k. The main reason is that you want to use that 401k to lower your taxes. The solo or individual 401k option is only available to independent contractors and business owners, not […]

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Process of Opening a Vanguard Individual 401k

It is said that opening an Individual (aka Solo) 401k account is tedious and time-consuming. Today I had the pleasure of opening an Individual 401k with Vanguard over the phone and it was incredibly easy and fast. Opening a¬†Vanguard¬†Individual 401k means a lot of tax savings and has a lot of retirement benefits. If you’re […]

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Funding Your Solo 401k With A Loan

If you are self-employed or a sole proprietor, such as a moonlighting per diem healthcare professional, you have the option to contribute to a solo 401k. IRS rules require that you do so before the tax deadline on April 15th. However, you must establish the account before the end of the calendar year, December 31st. […]

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Understanding Your Solo 401k Options

Most are familiar with 401k accounts which allow for tax-deferred contributions through our employers. This post is about Solo 401k’s which healthcare professionals can use to defer taxes on a little over $50,000 every year. 401k’s can be had by a self-employed individual as well. If you earn self-employment income (as a per diem or […]