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Self employed
Thank you !!
For clarity can you please opine - In LLC (C - schedule ) you can put away more in solo 401k -that is 25% of entire profit , as all profit is subject to SE tax, But if you have S-corp you can put away only 25% of wages paid as employer match. No additional money can be contributed out of K1 profits pretax -- IRS intent is only income subject to SE taxes can be put away pretax in 401k.
Also is LLC or S-Corp more audit prone ( Statistically), if you may know
‎February 28, 2024
10:09 AM