Did you know that if you are self-employed you can set up a solo 401k program for yourself?
Yes, that’s right! You don’t have to be employed by an employer who has set up a 401k program for the company’s employees. If you are a sole proprietor and self-employed, you can set up your own 401k program to help save for retirement.
Your contributions are tax deductible up to $19,000 in 2019. Plus, you can put in additional money of up to 25% of your net income as long as you do not exceed $55,000. Find out details for 2020 of a solo or One Participant 401k plan on the IRS website https://www.irs.gov/retirement-plans/one-participant-401k-plans