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Category

😹
Fun
Transcript
00:00There's a solo 401k calculator and it says, hey, tell us what your business looks like,
00:03what your profits are, and we'll lay out what it looks like for a solo 401k, what it looks like
00:08for a SEP, what it looks like for a simple. And so the CPA was saying, hey, we should put away,
00:13you know, we should do a SEP. And when he's got 80,000, he can put away 25% of that. So we can
00:18put $20,000 into a SEP. All right, that's good. Well, we ran those same numbers. We plugged things
00:23into the calculator and based on that income he could do in the solo 401k, he could do $20,000
00:29as an employer contribution. He happened to be over 50. So he could also do $31,000 as an employee
00:36contribution and save taxes on that extra $30,000. So instead of his tax deduction being 20,
00:44his tax deduction was $51,000.
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