In this episode, Jeff discusses:What is a Solo 401K?401K vs. SEP IRATax strategiesKey Takeaways:Solo 401(k)s are retirement accounts for business owners or self-employed individuals with no full-time employees.SEP IRAs and solo 401(k)s both offer similar ways to save money each year, but their contribution rates, employee viability, and Roth options differ significantly.In your 22% tax bracket, saving $12,500 today would save you $2,750; however, you would rather not save that $2,750 and convert that $12,500 to your Roth, where it will grow tax-free and come out tax-free.“For us to decide if you should have a SIMPLE or SEP or do the solo 401 K strategy, we really need to review your numbers, we need to review your goal and we need to see if you're willing to max out your plan." —  Jeff Hockett   Connect with Jeff:Website: https://www.hocketttax.com/Email: [email protected] Twitter: https://twitter.com/taxgamecoachFacebook:  https://www.facebook.com/hocketttaxandpayrollYouTube: https://www.youtube.com/channel/UCO30L8kMHVodK8eutw1alQg/videos?view=0 LinkedIn: www.linkedin.com/in/hocketttaxInstagram:  https://www.instagram.com/hocketttax/

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