Great Reasons to Start a Home based Business Now – A homebased business is an excellent way for mums at home, students at university,or anyone who is looking to make extra income or possibly, over time, replacing your current job.
One of the biggest benefits in my opinion for starting a home based business is to REDUCE YOUR tax bill.
If you are paid a salary or an hourly rate the tax man gets paid FIRST you get the balance.
In your business the reverse happens…
You get paid first and the tax man LAST.
Lets say you are paid a $20 000 salary for 12 months work (part-time).Now the tax man takes anything from 10% to 60% (check your local tax rates)
Lets say the tax rate is 30%.YOUR tax man takes $6000 FIRST and leaves you with $14 000.
In your own homebased business you get paid the full $20 000.You get PAID first.
A good accountant will be able to show you ways to minimise the amount of tax you will need to pay if any.
Do you structure yourself as self employed or do you set yourself up as a company,again see your local accountant.
Great Reasons to Start a Homebased Business Now
Do enjoy working late at night or do you prefer to start your day early in the morning.In the majority of cases the choice is yours.Fantastic isn’t it.You are your own boss and you make the rules.
The low start up costs of many business opportunities makes working from home a very attractive option. For as little as $100 you can start to day.
You have an opportunity to give yourself a business education for free.Any courses or books you may purchase to enhance your learning are all tax deductible.Your business pays for it.
Okay lets summarise…
A home based business will allow you to get a better deal from the tax man,allow you to be your own boss,allow you the opportunity for free education,and in most cases the start up costs are low.