Maximize Tax Savings:
A Guide for Solopreneurs
Unlock powerful tax benefits by combining Solo 401(k) and Solo Defined Benefit plans. Keep more of your earnings while supercharging retirement savings.
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Why Solopreneurs Need Strategic Tax Planning
High Tax Burden
Successful solopreneurs face overwhelming taxes on significant income.
Legal Tax Shields
The right strategy can legally protect a large portion of earnings.
Wealth Preservation
Keep more profits to reinvest in your business and personal growth.
The Power of the Solo-K

1

High Contribution Limits
Contribute up to $23,000 as an employee in 2024.

2

Employer Contributions
Add 25% of net earnings as an employer contribution.

3

Catch-Up for 50+
Additional $7,500 catch-up contribution if 50 or older.

4

Total Potential
Up to $76,000 in total contributions possible.
Supercharge with the Solo-DB Plan

1

Massive Contributions
Contribute up to $300,000 or more annually, depending on factors.

2

Tax-Deductible
Contributions are tax-deductible, significantly reducing taxable income.

3

Pension-Like Stability
Designed to provide a specific retirement benefit with flexibility.
The Ultimate Combo: Solo-K + Solo-DB
Solo-K Benefits
Flexibility, higher limits, Roth option
Solo-DB Benefits
Massive tax-deductible contributions
Combined Power
Maximize savings, minimize taxes
Real-World Example: $1.4 Million Family Business
Benefits Beyond Tax Savings
Pre-Tax Compounding
Investments grow tax-deferred, accelerating wealth accumulation.
Investment Flexibility
Choose from various options including stocks, bonds, and alternative assets.
Legacy Planning
Pass on accumulated assets to beneficiaries strategically.
Creditor Protection
Plans generally offer protection from creditors.
Take Action: Secure Your Financial Future
1
Call Independent Wealth Connections
2
Plan Carefully
Set up your Solo-K and Solo-DB combo with strategic planning.
3
Implement and Grow
Start contributing and watch your wealth and tax savings grow.
Securities and advisory services offered through LPL Financial, a registered investment advisor. Member FINRA/SIPC.
Independent Wealth Connections and LPL Financial do not provide legal or tax advice. Please consult with your tax or legal advisor regarding your personal situation.
This material is for informational purposes only and is not intended as tax or legal advice. Consult your financial professional before making any decisions.