My accountant in Phoenix finally got me to open a solo 401k

I've been putting it off for ages, but after my tax bill last month, she sat me down and showed me the numbers. I can put away up to $22,500 as an employee contribution, plus a chunk of my business profit. Has anyone else set one of these up recently and have a recommendation for where to open it?

3 comments

3 Comments

dakotawood26d ago

Which firm? I used to avoid them.

the_tara23d ago

My buddy was in the same boat, always putting it off. He finally went with Vanguard after his accountant basically yelled at him. Said the fees were way lower than the place he almost picked, and it took him like twenty minutes online. He texted me after just saying "why did I wait so long to do this?

theajackson26d ago

Yeah, that "chunk of my business profit" part is what got my friend to finally do it too. He opened his at Fidelity after comparing a few places, and he said their setup for self-employed people was pretty clear. He's already happier just knowing it's there for next tax season.