Help me pick an SEP Retirement plan
My tax adviser is telling me I need to set up an SEP Retirement plan to lessen my tax burden this year. I am primarily trying to shelter profit from a flip. I am a W2 wager earner and have rental income as well. I do plan to continue doing flips. So, what are my options and what are the pros and cons of each?
I am confused about the differences between self directed IRAs and Solo 401Ks. Are they even the best option for me? Please help me make sense of all this!
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Dmitry assisted me with my Solo401k. If it's an option for you, I think that is likely the best overall choice, if for no other reason than it allows the highest contribution limit. Saved me quite a bit in tax liability for this year.