No. of Recommendations: 0
Hello Everyone!

Presently, I am maxing out my 401k with my W2 job, and would like tax advice on what to do with the 1099 (property manager) income (only about 8k annually) that I have on the side.

I am looking for ways to reduce the tax burden. Right now, I don't deduct anything - which may be a mistake. I do use my PC occassionally for work, but enough to make a difference with the income I have? I don't know.

Mostly, I was wondering what the IRS says about contributing money to a pretax investment. Because I am contributing 12K this year to my 401k, am I allowed to open and contribute more to a SEP or solo 401k as well? If not - does anyone have any other suggestions for this income?

Thank you very much in advance!

IndyTom
Print the post  

Announcements

When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.