AHelper
Expert Alumni

Self employed

Hello NextLevelOPM,

 

No matter how long people have been self-employed I suggest taking a peak at the IRS Small Business and Self-Employed section for tips and tricks to hang on to their hard earned money. 

Small Business and Self-Employed Tax Center 

 

One can also assume that you would be paying yourself reasonable compensation as a member manager (or however you set up your LLC) There are ways to utilize that to most efficiently spend the income received into the business account.

 

Managing your expectations as well as potential for quarterly taxes can certainly help prevent sticker shock if and when a tax amount is due.  The TurboTax TaxCaster can give you a pretty good idea of what to expect.

 

529 accounts are very good to help with state tax liability as well. 

 

The article you found on Solo 401k's is a good one especially as it reminds you of overall annual limits. Your best bet at this time would be to play with the TaxCaster and maybe talk to a payroll company to see what is needed to get you set up on that end.

 

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