By a Trusted CPA: How to Choose Between a Solo 401K vs SEP IRA
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Both of these plans have extremely high contribution limits, which means you can put some serious money away for your retirement.
And higher contribution limits also mean higher tax benefits, as of 2023, you can put up to $66,000 into either one of these plans and deduct 100% of your contribution from your taxable income.
And if you have a spouse, you may be able to put up to $132,000 into either one of these plans and twice as much tax benefits.
However, there are some critical differences between both plans which may make one of them the better option to you, and that is what we are going to talk about in this video.
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