Tax Series Part 3: Your business 401k can decrease your taxes by this much! #308

Docs Outside The Box

Dr. Nii Darko

Career, Education, Doctor, Medicine, Careers, Job, Business, Health & Fitness, Finance, Investing, Premed, Black, Money, Lifestyle, Mindset

4.9 • 516 Ratings

🗓️ 24 August 2022

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

SEND US A TEXT MESSAGE!!! Let Drs. Nii & Renee know what you think about the show! We're continuining the Tax Series with Eric McGlothen - CPA and CEO of Eric McGlothen, LLC. In this episode we're talking about how to best save for retirement through your 9-5 employer’s 401k plan AND/or your own business’s retirement accounts. Eric lays out how your business' 401k plan reduces your taxable income. Things to expect in this episode: Designing your solo 401k plan and the...

Transcript

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0:00.0	Hey you. Yeah, you, the one listening to this podcast right now. I'm guessing you tune into docs outside the box because taking control of your career is really important to you. Now, I'll sponsor, provider solutions and development. They have a team of experts that are ready to guide docs just like you through today's job landscape.
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0:50.9	This episode is brought to you by Set for Life Insurance.
0:54.1	Listen, Docs, one of the first steps we took to pay off our student loan debt was realizing
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1:14.1	All right, guys, we're back with another docs outside the box tax series money tip.
1:18.0	We got Eric McLaughen CPA. What's up? How you doing?
1:21.4	What's up, Dr. Darko? Good to be here. You tired yet? No, not at all. This is where I live.
1:45.1	This is my world. Saving money. This is what we like. We like to save money. We like to shift more of our personal expenses into our business expenses. We love all this. Listen, let's jump into, this is really important for folks who are working, employed, and they have this side hustle that they're bringing some income in.
1:49.0	And maybe they need to create something that's called a cash balance plan or maybe like a solo 401k or a SEP IRA where the business has its own retirement account and so forth.
1:55.0	Let's talk about the benefits of making sure that you can contribute to the businesses,
1:59.5	your business's retirement plan or deferred
2:02.5	plan versus, you know, putting into your employed if you're working for someone else's plan.
2:07.4	Let's get into that.
2:08.8	Well, so the idea is I will say this first of all.
	...

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