Feel free to go into details. I'm thinking of starting one but I want to know how owning my own business could potentially help me reduce my taxes and allow me to reap a higher profit. I posted this in a different section too just in case.Thanks in advance guys.
2007-09-26 02:58:10 · 3 answers · asked by aeroprodrivemaster 1 in Business & Finance ➔ Small Business
Well when You own your own business you get to take out
for mileage on the vehicle you drive. Also when your buy your
own equipment or supplies You get to take off for business expenses each quarter and also for depreciation each year.
2007-09-26 03:18:38 · answer #1 · answered by Brian Sanders 5 · 0⤊ 0⤋
Going into business for the tax benefits is the wrong reason to do it.
Tax benefits don't become substantial until you are at least a C corporation.
The mindset of "saving money" ....according to folks like Donald TrumP and Robert Kiyosaki (author of Rich Dad Poor Dad) ...is a losing proposition....a dead end road.
The object of owning a business is to increase Cash Flow.....and the benefits accompanying that approach are unlimited.
2007-09-26 13:57:16 · answer #2 · answered by Anonymous · 0⤊ 0⤋
first look at the outcome and income of the business
in business
2007-09-26 10:12:52 · answer #3 · answered by Adeoti T 1 · 0⤊ 0⤋