Full-time gig drivers set up Solo 401(k) — defer $23K + 25% profit-share, potentially $50K+/yr into retirement tax-deferred.
Any self-employed gig worker with no non-spouse employees can open a Solo 401(k) at Vanguard/Fidelity/Schwab/E*Trade for $0 setup. Contribute (1) elective deferral up to $23K (2024, +$7,500 if 50+), (2) employer profit-share up to 25% of net SE income. A full-time driver netting $60K after mileage can defer $23K + $12K = $35K, dropping AGI to $25K — often into 0–12% bracket. Roth Solo 401(k) option available. Blows the SEP-IRA out of the water at moderate income levels.
Click Generate advisory deep dive for mechanics, IRC citations, a step-by-step execution plan, a worked numeric example on your profile, costs, risks, and this-week actions.
Rideshare/delivery drivers compare 67¢/mi standard vs actual (gas+depreciation+insurance) — pick larger each year.
1099/Schedule C gig income qualifies for 20% Qualified Business Income deduction below the SSTB phase-out.
New gig workers with early-year losses defend deductibility by satisfying §183 profit-motive factors — 9-factor test.
Freelancer with S-corp deducts home office via accountable plan + rents home to S-corp 14 days/yr for meetings — double dip.