hosspuller
Senior Member
... then take as much extra profit as you can and put it into a retirement plan for yourself. This is the one step that many fail to fund while self employed. With the tax deferred plans available today you can stash up to around $100,000 a year. At some point you will want to retire and the best way is to do it well.
As I posted before, the tax laws are set to advantage the wealthy and powerful. There are tax advantages to have your "company" provide benefits to "THE" employee (you). It may include some sort of retirement plan. Ain't that grand... the gov't wants you to save money for retirement. And gives you a tax credit to do it. My employers didn't have a retirement/savings plans without some $$ benefit to them. Remember, the wealthy & powerful have tax professionals to keep them between the lines and in front of the iron bars of prison. You need them too.