Looking to keep more money from what you’re already earning? Here’s a great place to look: TAXES.
First do some ‘homework’ on how having a business can have a major impact on a family’s tax picture – particularly when one or both earners are Employees being paid W-2. Roughly every $1000 of paycheck brings home about $600 cash in the pocket, because all of the taxes are paid first. Note: And with the new tax laws, there seem to be fewer options of deductions available for Employees on a personal 1040 Return. All of the benefits are on the side of business owners.
Here’s how the system works:
1) Pay Taxes
3) Earn on what’s left over
1) Spend for the business
3) Pay taxes
Which is your preference?
How about learning to think and act like a legitimate business owner?
Here are some quick starts on learning some other options:
- We started with the classic “Rich Dad-Poor Dad” book followed by the book “Cash Flow Quadrants.” If you want to start in small bites, these are simple places to start. Read or Audiobook.Note: there are versions and even board games for kids, so this can be a family education program.
- If you’d like a deeper overview, there is a quite complete webinar overview here. It’s a big chunk of information – My husband Eddie says if this material is new to you, take it in pieces. – but at the very least you’ll have a compelling overview that the benefits for are real.
- Sandy Botkin’s updated book “Lower Your Taxes Big Time” is a gold mine — here In book form.
See also here if you’re considering a personal service business. Know the difference!
Ponder this quote from the opening chapter of the book “Lower your taxes Bigtime” — “Why you would be brain dead not to start a Home-Based Business….If you don’t have one, you are losing thousand$$ each year.”
Note: Partnering with the right business venture might just be the ideal solution. Ask us where to go to Take a Look at partnering with us.