(no subject)
random adulting list, feel free to skip.
- Set up a solo 401k plan for the business before the end of the year. Has really high contribution limits.
- Look into HSA account. Only 6k a year but it works like a normal pre-tax account, except you can pull money out before 59 for medical expenses.
- Consider converting business to S-Corp. Big pain the in the ass, payroll, basis, complicated tax returns - but could save $8-13k a year in taxes. Wait to see about trumps 15% business tax plan because this might become irrelevant.
- Learn about Roth conversion ladders and other methods for withdrawing money without penalty before 59. Is it still worth it even if you do pay the 10% penalty?
- Get good at tax planning ahead of time. Consider tax brackets and how to lower taxable income. Learn about tax gain & loss harvesting.
- Set up a solo 401k plan for the business before the end of the year. Has really high contribution limits.
- Look into HSA account. Only 6k a year but it works like a normal pre-tax account, except you can pull money out before 59 for medical expenses.
- Consider converting business to S-Corp. Big pain the in the ass, payroll, basis, complicated tax returns - but could save $8-13k a year in taxes. Wait to see about trumps 15% business tax plan because this might become irrelevant.
- Learn about Roth conversion ladders and other methods for withdrawing money without penalty before 59. Is it still worth it even if you do pay the 10% penalty?
- Get good at tax planning ahead of time. Consider tax brackets and how to lower taxable income. Learn about tax gain & loss harvesting.