For those self-employed individuals looking to save on taxes for the 2021 tax year, a Solo 401k may be just what the doctor ordered.

However, time may be running out in order to preserve the right to make both employee and employer contributions.

A solo 401k allows for both employee and employer contributions. However, in order to allow for more time to make employee / employer contributions to the Solo 401k, the Solo 401k must be established/adopted by December 31, 2021.

A solo 401k will meet the establishment deadline for 2021 for making employee / Employer contributions as long as the solo 401k plan documents are executed/signed by 12/31/2021.