The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: VirginiaBob on October 30, 2014, 12:00:56 PM
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Anyone use one?
May be a good vehicle to shield some side hustle income from taxes.
Thinking of it for my case where I have a non-working spouse that "owns" one of our tiny businesses. Only made $3,000 a year in 2014, but hopefully it grows to $18,000 a year for 2015.
Here is a link to thier rules and details:
http://www.irs.gov/Retirement-Plans/One-Participant-401(k)-Plans
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My wife and I have Vanguard Individual 401k plans setup for our side business. I'm a fan. They are good for shielding some income from taxes, but you still have to pay the ~15% self-employment taxes.
Any specific questions about them?