Solo 401k - 5 Reasons Why You SHOULD Use the Solo 401k | Mark J Kohler - YouTube

Hey mark Kohler here CPA attorney best-selling author radio show host all about the American Dream

Making money saving money helping your business. Go to the next level. We got to talk about the solo 401k

They're amazing. And I want to give you five benefits to a solo 401k explain what they're about and wow you

Number one reason why small business owners should consider a solo 401k is because they're easy. They're simple 15 years ago

They didn't even exist now get into affordability later. They can be deceptively expensive

I'll come to that but they're simple and easy for the average small business owner

You your spouse your kids your business partner their family members can all participate in the same

401k now if you have employees you got to do the group thing

but if you want that circle of family and business owners to kind of work together in a 401k they've never been

Easier they can all participate in one without the cross testing and the top-heavy issues and all that baggage that comes with a group

Think about it. They're amazing. Number two. You can put a ton of money into a 401k

Four times what you could do in a regular Roth or traditional IRA?

That's eighteen thousand five hundred dollars per person plus matching of up to fifty five thousand now

I'm not saying I put fifty five thousand in the 401k

Watch my other video on the sweet spot of where to be on the 401k in your business

But this is a big deal

If you're 50 years old or over you can even do catch-up provisions to take you that even to another level

Folks if you want to put money away for retirement and you can afford to do it in your small business if you're at that

Point there's no better vehicle that you can get the efficiency with than the 401k number three

I love the 401k because you can tailor make it to your situation and do Roth or traditional

Contributions. It's kind of like a honeycomb

you can say well I'm gonna put money in the Roth cell this year because I don't need the tax write-offs and I want to

Get that

Tax-free growth going or you can say I need the write-off. I'm gonna do a traditional

Contribution plus the match and the write-off because that's where I need to be this year

So you can pick and choose with your solo 401k

You can tailor make it to what fits you best from year to year when it comes to tax reductions

number four and you knew I was gonna say it you can

Self-direct your 401k you can invest in what you know best you can be the trustee of your own 401k

You're not stuck with just Wall Street products, and I'm not saying they're bad. You want to have a mix?

I want you to have some stocks bonds mutual funds all that good stuff

But also shouldn't you be investing your 401k and what you know best maybe it's notes real estate cryptocurrency

I don't know. What do you love to invest in? Let's take your 401k and an invest in what you know best number five

They can be affordable. And I'd love that now why I say they can be is because they can be deceptively expensive now

You're gonna go out on the web and you're gonna find a 401k a self-directed 401 K that's free of charge to set up

Oh, but they're gonna get their fees trust me. There's administrative fees management fees financial planning fees. It's all on the back end

You're gonna pay for it and that may be a perfect fit for you

But if you want to self-direct your 401k right out of the gate, why not trustee your own 401k?

We've been setting those up for years in our firm and for 300 bucks a year. You control it. That's it

And then you just have to report and file the taxes for the 401 K and get a binder and the rules

To manage it yourself

No other hidden fees in summary the 401 K for a small business owner has never been better

They're amazing to defer taxes to create tax-free income inside a Roth 401 K and to control it and administer it yourself

It's amazing

So look into it

Understand the rules get a consultation and make sure you make an informed decision on which 401 K is best for you

Thanks so much for watching that video and I want to be your source for tax and legal strategies

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Marjory Kohler comm with all sorts of videos probably 70 plus videos 30 plus hours of content that'll save you thousands