Small Business Tax Savings Podcast

Imagine this: contributing $69,000 annually to a Mega Backdoor Roth IRA, and in just 7.5 years, with a 12% return, you could hit $1 million! 💥  And here’s the best part—it’s all tax-free! 📈  Tax-free growth, tax-free withdrawals in retirement. That’s the real power of the Mega Backdoor Roth. 💸  Ready to secure your financial future? #MegaBackdoorRoth #RetirementGoals

Why is the Mega Backdoor Roth a game changer? 🚀  It combines the tax-free growth of a Roth IRA with much higher contribution limits, supercharging your retirement savings. 💰  Start by maxing out your personal Roth IRA at $7,000 for 2024. And if your income phases you out, consider doing a backdoor Roth to keep growing tax-free! 🔑 #MegaBackdoorRoth #RetirementPlanning

Think the Mega Backdoor Roth is only for the wealthy? Think again! 💡  Whether you’re a high-income earner or in a lower tax bracket, anyone with a 401k plan that allows after-tax contributions can benefit from this strategy. 💸  Even small contributions will grow tax-free, giving you tax-free withdrawals in retirement.  Ready to unlock your financial future? 🚀 #MegaBackdoorRoth #RetirementSavings

Ready to supercharge your retirement savings? 🚀  The Mega Backdoor Roth lets solo business owners contribute up to $69,000 into a Roth 401k in 2024, far more than the standard limits! 💰  Enjoy tax-free growth and withdrawals, and watch your investments grow without the tax burden.  Want to know if this strategy is right for you? 🔍 #MegaBackdoorRoth #Solo401k

Ever heard of the Backdoor Roth IRA? 🚪  It’s a clever way to bypass contribution limits, but it’s not without its challenges. 🛑  The process involves making a non-deductible contribution to a Traditional IRA, then converting it—just watch out for pro-rata rules if you already have pre-tax IRA funds! ⚠️  Want to maximize your retirement savings? Here’s what you need to know. #BackdoorRothIRA #RetirementHacks

💡 Traditional vs. Roth IRA: What's the difference? It all comes down to how taxes are handled.  With a Traditional IRA, you get a tax deduction upfront, but you'll pay taxes when you withdraw in retirement.  With a Roth IRA, you pay taxes now, but your withdrawals in retirement are tax-free! 📈  Learn how to make the right choice for your future. #RetirementPlanning #RothIRA #TraditionalIRA

Wondering how much you can really stash away with the Mega Backdoor Roth? 💰  By following this 4-phase strategy, you can contribute up to $76,000 per year! 🚀  Here's how it breaks down:   1️⃣ Max out your individual Roth IRA: $7,000   2️⃣ Max out employee Roth contributions in your 401k: $23,000   3️⃣ Make after-tax traditional contributions: $46,000   4️⃣ Convert those to Roth for tax-free growth! That's serious power for your retirement savings. 💪 #MegaBackdoorRoth #RetirementStrategy

Are you missing out on one of the best tax-saving strategies? 💸  Don’t let the Mega Backdoor Roth slip through your fingers just because it seems complicated! In this video, I break down the process and show you when and why it might be the perfect move for your financial future. 📊💡 #TaxTips #MegaBackdoorRoth

💡 In an S Corporation, owner draws must match ownership percentages! If you and your spouse own an S Corp, your distributions must align with your ownership shares. For example, if your wife owns 51% and you own 49%, and you distribute $100,000, your wife must receive $51,000, while you get $49,000. These proportions are non-negotiable—draws must reflect ownership exactly.  Keep this in mind when planning distributions! 📊 #BusinessFinance #SCorporation #OwnerDraws #TaxPlanning #SmallBusinessTips

💡 Running a small business? Here's a tax tip for pass-through entities! Whether you're a single-member LLC, S corporation, or partnership, the profits of your business pass through to you personally, meaning the IRS taxes you on the total profit, no matter how much you withdraw. 💼 For example, if your business earns $100k in profit, you'll be taxed on that full amount—even if you only take out $30k. Understanding this is crucial for managing your finances! 📊 #SmallBusinessTips #TaxPlanning #PassThroughEntities #BusinessFinance #LLC