Hi everyone, I own my own business (sole prop) s-corp moving forward and it makes between 10-25k+ per month in profit. 2025 will be my second full year. With that said in the prior years of working, I’ve managed to save up $160k and it’s all in a HYSA. I have no retirement at the moment & 23 y/o. 0 debt 770+ credit.
I have a few options.
- I can pay 11k in Taxes for 2024
- I can contribute 30k to retirement account and only pay around 3k in taxes
- Somewhere in between
I’m having a hard time deciding because I want to buy a house this year and closing costs, + down payment on the high end are about 40-50k but closer to 40k. With additional costs such as any renovations/paint/etc maybe 20k.
Can you give me some advice as I don’t really know what to do in my situation. What should I be doing differently going forward.