Business Matters Newsletter
MONEYSAVER
When starting your own business, be cautious.
The last 30 years have seen some tough times: 20% interest rates in the early 80s, recession in the early 90s, and a near collapse of the financial system in 2008. Those who survived financially will probably make it through the current economic struggle because they have learned how to keep going regardless of what the economy throws at them. Those dreaming about starting their own businesses should consider the following precautions.
TAXATION
Self-employment can be the start of something great but there may be a price.
To people who are conventionally employed, the world of self-employment often looks enviable. This is not too surprising since there are very few deductions from income available to anyone working for a salary or hourly wages. So, for those who work for others, it is difficult not to covet the deductions from income available to the self-employed as a major advantage of being self-employed.
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