Starting a Business vs. Keeping Your Benefits

Let’s just touch upon some of the financial benefits of being self-employed.

First, tax write-offs span from automobiles to home offices and all the little paper clips in between. Travel, entertainment, education, informational resources, and even half of your self-employment taxes can be deducted.

The second advantage is retirement planning options that are not available to workers with 401Ks. With the right combination of tax-deferred contributions and current deductions you can save a great deal of money now, and at retirement when you withdrawal your savings.

Thirdly, don’t panic about paying for health insurance. Health Savings Accounts also offer incredible savings and coverage and are discussed later in the blog.

Add to these benefits the amount you’ll save if your children no longer need to be in daycare, or if you eliminate a daily commute.

Ho, hum, here is another one, if you quit your office job you can’t sell the job position, but as a business owner, you can sell your business, or pass it on to the next generation. Of course, we haven’t even touched on how much money you can actually make! As you can see, serious consideration should be given to creating a family business. That is why so many Americans are taking their futures into their own hands.