Carry Learning Center

Solo 401k
December 06, 2023
Solo 401k Contribution Limits & Deadlines for 2023

2022 Solo 401k Limits & Deadlines The solo 401k contribution limit for 2022 was $61,000 ($67,500 if you were at least 50 years of age by December 31, 2022). The contribution deadline for corporations, multi-member LLCs, and partnerships was March 15, 2023, and the deadline for C corporations and sole proprietorships was April 18, 2023. […]

Solo 401k
November 30, 2023
Solo 401k Elections: How To Formally Elect Your Contributions and Why It’s Important

With a Solo 401k, you can make contributions as either the employee or employer, since as a self-employed individual you are acting as both employer and employee. It is important that you differentiate between contributions you make as an employee or employer. Employee and employer contributions are subject to different limits, and are treated differently […]

Taxes +1 Business
November 28, 2023
What Is Bonus Depreciation? Eligibility & How To Claim It

If you look at Donald Trump’s tax returns, you’ll see that he barely pays any taxes, and the reason is because of depreciation. When you buy a property, it loses value over a period of time and you can start claiming that as a loss each year. Residential properties depreciate over 27.5 years, while commercial […]

rollover 401k to solo 401k
Solo 401k +1 401k
November 24, 2023
How To Rollover An Old 401k Plan To A Solo 401k

Rollovers of a 401k are typically done when an employee departs from an employer. If you’re eligible for a solo 401k, rolling over a 401k into a solo 401k could give you some immediate benefits and tax-advantages that your old company 401k never offered. You get total control over what you invest in, a Roth account, […]

Solo 401k
November 24, 2023
Comparing The Best Solo 401k Plan Providers for 2023

A solo 401k plan is only as good as what features your provider can offer you. Every solo 401k plan provider is different in the number of benefits and level of support offered.  Low-cost or free plans, also called prototype plans, often don’t offer desirable features like the ability to make Roth contributions, take solo 401k loans, […]

Tax Forms
November 22, 2023
IRS Form 1065 Explained Simply

Overview IRS Form 1065, U.S. Return of Partnership Income, is a tax document for partnerships to report their financial information to the IRS. It includes details about the partnership’s income, deductions, gains, losses, and other financial activities for the year. It’s not used to pay taxes but to show the IRS how the business’s income […]

checkbook ira
IRA +1 Roth IRA
November 22, 2023
Self-Directed IRA LLC: The Checkbook IRA Explained

A self-directed IRA gives you more investment options and lets you invest in alternative assets like real estate, crypto, and private equity. The downside is that every investment has to go through a custodian. You don’t have checkbook control. If you find something you want to invest in, you have to instruct your custodian to send the […]

companies with mega backdoor roth
Roth IRA
November 21, 2023
50 Notable Companies That Provide The Mega Backdoor Roth IRA

Taking advantage of the mega backdoor Roth IRA can accelerate any employee’s retirement savings. However, not all employees are able to take advantage of this option. It entirely depends on how your company’s 401k plan is set up. In order for a company’s employees to be able to get a mega backdoor Roth IRA, it needs to […]

solo 401k nft
Solo 401k
November 21, 2023
Can You Invest In NFTs With A Solo 401k?

OVERVIEW With tax-free compounding and tax-free withdrawals in retirement, a solo 401k is one of the best retirement accounts to hold high-growth assets. You don’t pay any taxes when you sell assets in your account (tax-free compounding), and with the Roth solo 401k account, you pay zero taxes on when you withdraw from your account […]