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094 | Solo 401K vs SEP with Waffles on Wednesday

Taxes
Mr. and Mrs. Waffles on Wednesday (WoW) talk about winning on a TV game show, starting their own business, learning the tax code to maximize 401K contributions, and volunteering internationally.
  • How did Mr WOW win on the Price is Right, and what did he win?
  • What were the tax implications of his winning?
  • How was Mr Wow’s experience at the IRS building in Los Angeles?
  • Why did Jonathan receive a tax penalty last year, and how did he respond?
  • How did Mr. and Mrs. Waffles on Wednesday decide to start a blog, and how did they decide on a name?
  • Why do we have to just live for weekends?
  • How did Mr Wow win-over Mrs. WoW to financial independence?
  • What decisions did Mr. & Mrs. WoW make after they chose to pursue financial independence?
  • How did the pursuit of FI change their careers?
  • What type of business did Mrs. WoW open, and how did she keep her overhead costs down and ultimately increase her income?
  • What is a Solo 401K and why did Mr. WoW choose that option?
  • What is the advantage of a Solo 401K for owner and spouse, and how does the math work?
  • How important is it to control your tax rate?
  • What happened to the Mr. & Mrs. WoW’s retirement accounts when they opted to bring on an employee?
  • What is a Mega Backdoor ROTH?
  • How did Mr. WoW find a plan administrator who could help him set up his accounts?
  • Does Mr. WoW manage his own taxes, or use an accountant?
  • What adjustments has Mrs. WoW made in the past four years that made a positive difference in her life?
  • How does someone volunteer for international aid organizations?
  • Do Mr. & Mrs. WoW add some site seeing or vacation to the volunteering they do?
  • How do they plan for these trips?
 

Links:

My Son’s Father Freedom is Groovy The Art of Manliness “How Not to Train for a Half Marathon” – The Happy Philosopher “Alligators and Kittens” – The Happy Philosopher https://www.choosefi.com/094-solo-401k-vs-sep-with-waffles-on-wednesday/
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