The United States tax code gives a lot of favorable treatment to individuals that own a business. As a business owner there are many items that you’re able to deduct that you ordinarily would not be able to deduct if you’re just a W2 employee. So my recommendation would be to start a business in an area that you are interested in generating more income. The key word here is income. The goal of your business should be to make a profit so that you can use that money towards paying other expenses or doing other investments. A business that is not focused on being profitable maybe classified by the IRS as a hobby. If you are unsure of what type of business you want to start feel free to contact us and we can talk to you about the various business opportunities available. Once you have decided on the type of business you want to do we can help you choose the right business entity. Wouldn’t it make sense to know all of your options before you begin operations? Our job is to make sure you are well educated on the tax code so that you can make the right business decisions. Doing it right the first time will save you money in the long run. And that is what we help you do…save money.
