A prominent problem for business owners is how to save for retirement. The corporate pension plan is long gone, and anyone still drawing on one should consider themselves lucky. Government pension plans are on questionable footing and the younger generation doesn’t plan on social security providing a comfortable retirement. That leaves 401(k) to bridge the woefully large gap.
In order to better understand your and your family’s tax situation, most tax preparers and CPAs are very diligent about asking you the right questions, either over the phone or through a questionnaire. You will be asked about rental properties, buying and selling a home, home office deductions for your business, childcare expenses, etc.
The upside of being an entrepreneur is that you already have the knowledge to build a new money-maker. With your systems in place, adding a second revenue stream should not be a daunting process. Here are a few considerations to think through before deciding to turn your passion into a profitable side-project.