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$245,000 S-Corp Owner Reduces Taxes and Increases QBI Tax Deduction with 401k 

Travis Sickle
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Learn how S-Corp owners can supercharge their retirement savings while lowering taxes (more tax deductions)! In this video, we break down the numbers and show you how a strategic approach to your S-Corp income can make a significant difference in your retirement nest egg.
0:00:00 Intro
00:02:20 How tax brackets work
00:03:40 Total Taxes
00:04:08 Retirement Plan Limits 2023
00:04:40 W2 Income vs Distributions for Retirement Plans
00:06:19 W2 and social security
00:07:44 100k vs 66k Tax Comparison
00:09:38 Social Security Max Retirement
00:10:30 Turning tax savings into $1,251,677
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TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP®
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31 июл 2024

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Комментарии : 14   
@sangwookkang3568
@sangwookkang3568 10 месяцев назад
Thank you for good info. I have 401a and solo 401k account. Retirement office said it will be $22,500 for 401a and I can still contribute $22,500 to my own solo 401k in 2023. Is it true??
@manukaushik144
@manukaushik144 10 месяцев назад
In both the examples (W-2 100K and 66K), how are you also including Roth 401K contribution as with pre-tax Solo 401k ($22,500) and then profit sharing contributions you won't have the option/ability to also contribute to Roth 401K?
@TravisSickle
@TravisSickle 10 месяцев назад
The after tax contributions can be made after the 22,500 and profit sharing up to the 66k. It’s shown in the video. $18,500 for the $100k w2 and $27k for the $66k w2.
@mskiwikiwi1
@mskiwikiwi1 7 месяцев назад
Would you please double check on that? My CPA said I can not do that unless I pay myself more so the profit sharing would be higher up to the total of 66k. It sounds too good to be true but I hope you are right@@TravisSickle
@flying.forward
@flying.forward 14 дней назад
Didn’t mention anything about QBI even though the title states it…
@christinab9133
@christinab9133 10 месяцев назад
❤❤❤
@mikeki5391
@mikeki5391 9 месяцев назад
How did you get $38,952? 24% of which part?
@TravisSickle
@TravisSickle 9 месяцев назад
tax on the total income
@sourcefor
@sourcefor 10 месяцев назад
Do you know a good accountant that has online presence, I am in Florida!?
@TravisSickle
@TravisSickle 10 месяцев назад
what type of work do you need? personal, s-corp, sole prop, taxes or book keeping?
@sourcefor
@sourcefor 10 месяцев назад
@@TravisSickle I have an S corp , 1 employee, me! I need someone to help with personal and corporate taxes and give some advice once in a while, it’s not very complex! Thanks!
@Kbcare01
@Kbcare01 8 месяцев назад
@@sourcefor looking for the same! Any luck? @travis can you help me? Thx!
@Shandryl74
@Shandryl74 8 месяцев назад
Same question…single member LLC with s corp election.
@sourcefor
@sourcefor 8 месяцев назад
No luck yet, possibly through Ramsey Solutions, checking it out!
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