| It used to be that going to work for forty years would | | | | benefit the rich are available to you when you have a |
| provide you with enough income to support your family | | | | home business. Please note, I'm not a tax expert so |
| today and a nice pension to support you in your | | | | you should always consult a tax professional on your |
| retirement. Those days are gone. Financial gurus today | | | | taxes. However, as a home business owner you have |
| are stressing the importance not relying on a job for | | | | many tax deductions available to you on many things |
| your financial security. They are recommending that | | | | you are already paying for such as expenses to run |
| the best way to secure your family's finances now | | | | your home and Internet access fees. While the |
| and in the future is through a part-time home based | | | | government takes its 30% off the top of your salary, it |
| business. | | | | allows businesses to first deduct their expenses for |
| Here are five reasons you NEED to start a home | | | | doing business, and then pay taxes on what's left over, |
| business: | | | | which generally results in lower tax payments. |
| 1) Jobs are not secure or keeping up with the cost of | | | | 4) Money savings. If you are able to bring your |
| living. More and more people are being laid off as work | | | | business home full-time, you can save huge on the |
| is outsourced to other countries or struggling industries | | | | costs related to working such as commuting, childcare, |
| are forced to cut back. Further, while the economy | | | | etc. In fact, I make less now than I did when I worked |
| shows signs of growth, the money has not reached | | | | outside the home, but I have more money! That's |
| the hands of middle and low-income families. In fact, | | | | because nearly 3/4th of my income went to pay for |
| salaries have not kept pace with the cost of living | | | | work-related things. |
| making families poorer! Perhaps you have been | | | | 5) Improved well being. Stress, lack of sleep, no time |
| wondering why you used to live okay on your salary | | | | for oneself much less a family are all the result of jobs |
| and now you don't. Odds are you haven't had a raise | | | | that ask you to work more and more for less and less. |
| in years and if you have, it wasn't enough to cover the | | | | The health implications for this kind of life are |
| increase in living expenses. Having a home-based | | | | staggering with increased depression, heart disease, |
| business cannot only help fill this gap, but it can fund | | | | and more. Adding a side income from a home |
| your retirement and even replace your income. | | | | business can take the burden off of fears of losing a |
| 2) Job related pensions and retirements are not | | | | job because if you get laid off, you have some |
| secure and may not be enough to support you. | | | | savings to fall back on. But if you can replace your job |
| Everyone is aware of Enron and big losses investors | | | | with your business, you can set your hours, take time |
| have taken due to dot-com troubles. But many | | | | for yourself, spend more time with the family, and be |
| companies are also cutting back or eliminating their | | | | able to take better care of you. |
| pension plans. Many don't offer any sort of pension | | | | According to financial experts such as Loral Langemeir |
| plan at all. With Social Security in financial trouble, you | | | | (The Millionaire Maker), David Bach (Finish Rich books), |
| can't expect to have the government or your boss | | | | Robert Allen (Multiple Streams of Income,) Donald |
| secure your retirement. It's up to you. A part-time | | | | Trump and Robert Kyioski, financial security comes |
| home business can help you earn extra money that | | | | from being in control of your income and developing |
| you can invest in your future. | | | | passive income streams. All of these authors indicate |
| 3) Tax benefits. Many of the tax advantages that | | | | that it starts by being your own boss. |