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A Solo 401 (k) (also known as a Self Employed 401 (k) or Individual 401 (k)) is a 401 (k) qualified retirement plan for Americans that was designed specifically for employers with no full-time employees other than the business owner (s) and their spouse (s). The general 401 (k) plan gives employees an incentive to save for retirement by ...

“Contributions to a SEP or Solo 401(k) can be made up until the due date of the return, including extensions.” ... Calculators and Tools. W-4 Withholding Calculator. TaxCaster Free Tax Calculator.

3. WATCH THAT ODOMETER. If you’re self-employed, you can get a tax deduction for every mile you drive for business purposes. In 2021, the rate was 56 cents per mile, and in 2022, the rate rose ...

Contribution Limits. Employee contribution limit of $20,500/yr for under 50; $27,000/yr for age 50 or above in 2022; limits are a total of pre-tax Traditional 401 (k) and Roth 401 (k) contributions. Total employee (including after-tax Traditional 401 (k)) and employer combined contributions must be lesser of 100% of employee's salary or $58,000 ...