Lawn Care Biz Tips Part III: Setting Up Your One-Participant 401(k)

November 22, 2021

In this video

• Demo of how to set up a one-participant 401(k) account using the Fidelity platform
• The different options to consider with your 401(k) plan
• Review of why a one-participant 401(k) plan allows you to lower your taxable business income

Earlier in this Business Tips series, I discussed some ways you can reduce your taxable business income. One of these methods is to open a one-participant 401(k) plan, which I described in my last video.

Today, I want to take it a step further and give a tour of the process through which you can sign up for a 401(k) as a self-employed individual. For this demo, I’ll be using the Fidelity platform, which presents a few different plan options.

I’ll finish up by revisiting why you are able to transfer some of your business earnings into your one-participant 401(k), and how that can lower your overall taxes.

Watch this video to learn more!

Disclaimer: This post is not sponsored by Fidelity. All thoughts and opinions are entirely my own.

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