If You Don't Have a Home-Based Business, Start One Today! by Sandy Botkin
The young and the middle-aged alike are realizing that their dream of "having a job with a company
forever" is an illusion. Companies have been downsizing, rightsizing, and capsizing for some time now,
and they continue to do so-more now than ever before. Even the federal and state governments are
getting into the act with layoffs and attrition of jobs.
Finally, if all this isn't bad enough, under recent tax laws employees are shafted more than ever with limits
and thresholds for their employee deductions and higher social security tax limits. This results in more
couples working than ever before and, on many occasions, working more than one job. It is now almost
impossible to have only one job in the family and make ends meet! Today, many households need three
incomes just to survive.
Why a Home-Based Business Makes So Much "Cents"
There are really two sets of tax laws in this country. One is for employees, and it allows deductions for
individual retirement accounts, 401(k)s (if you have one set up by your company), interest and property
taxes on your home (which some in Congress want to do away with ), and charity. Then there are the
laws for home-based business people who conduct their business either full-time or part-time. They can
deduct, with proper documentation ,their house, their spouse, and even children (by hiring them), their
business vacations, their cars, and their food with colleagues. It is for these reasons, according to
Entrepreneur magazine, that 95 percent of home-based businesses succeed in their first year and
achieve an average income of $50,250 per year with many earning much more.
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