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Early Retirement / Re: Slightly Overwhelmed
« on: September 02, 2018, 07:17:33 AM »
Yo gdubb!
I've looked into an S corp before and definitely still taking that into consideration. As for my entire income, it's about 75k total. Last year my personal business brought in about 60k after business deductions and this year I'm expecting about the same plus 15k from Airbnb to total somewhere around 75k.
I've already maxed out my solo 401k this year with 18.5k and also put in another employer contribution of 16k. I'm a little nervous that the employer contribution will be more than my allowed contribution amount but I'll be going over that with my CPA soon and understand that I can make a correction before the end of the tax year if necessary. I'm already obsessed with tax deferral. My final income after all deductions this year should be under 30k and for once I'm actually looking forward to tax season!
I'm a photographer/videographer. Most of my income is from making cinematic wedding films but I also do short promo material, documentary work, and some surf and travel stuff. I should be able to do this stuff for a while, but I'm definitely at the risk of burning myself out. Long term goal is to start dialing the weddings back some once I get better at cutting my living expenses and getting a better system into place. You can see my work on my website www.swellfilms.com.
How about you?
I've looked into an S corp before and definitely still taking that into consideration. As for my entire income, it's about 75k total. Last year my personal business brought in about 60k after business deductions and this year I'm expecting about the same plus 15k from Airbnb to total somewhere around 75k.
I've already maxed out my solo 401k this year with 18.5k and also put in another employer contribution of 16k. I'm a little nervous that the employer contribution will be more than my allowed contribution amount but I'll be going over that with my CPA soon and understand that I can make a correction before the end of the tax year if necessary. I'm already obsessed with tax deferral. My final income after all deductions this year should be under 30k and for once I'm actually looking forward to tax season!
I'm a photographer/videographer. Most of my income is from making cinematic wedding films but I also do short promo material, documentary work, and some surf and travel stuff. I should be able to do this stuff for a while, but I'm definitely at the risk of burning myself out. Long term goal is to start dialing the weddings back some once I get better at cutting my living expenses and getting a better system into place. You can see my work on my website www.swellfilms.com.
How about you?