Thinking about starting your own business? There are a lot of things you need to plan for in order to break even on taxes and benefits as a self-employed.

Being able to tell people you own a corporation feels empowering. Before you jump ship and quit your job make a list of the added responsibilities and increased costs of being your own boss. Items to include are health insurance benefits, 401k match, FICA tax match and disability benefits. Today I tackle self-employment issues, maximizing your retirement savings and how to minimize the dreaded self-employment tax. Other topics:

• Looking at how the stock market preformed last month
• Should you form an LLC or S-Corp?
• Individual 401k, Solo 401k, Defined Benefit Plan, Mega Roth 401k
• Are stimulus checks taxable?
• Managing your cortisol and inflammation levels may be the key to better sleep

 

Email your money question to [e-mail] , or call the show at 1-800-516-1220 on Tuesday's and Wednesday's from 6:00-7:00 a.m. (PDT)

 

Call 1-888-762-2423 for Wealth Management and Financial Planning services or visit www.NewFocusFinancial.com.