The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: Tax strategies for high W2 earners? Date:  3/1/2013  12:11 PM
Author:  Gingko100 Number:  117917 of 130901

Agree - starting a business will increase your taxes, if you are doing it right. On the other hand, it will (again if doing it right) also increase your income.

I pay WAY more in taxes now than I did before I started my business. But the again, my net worth is higher. Of course, I also now have a lot less free time. You need to decide if the trade-off is worth it for you. Generally, I would say if the only reason you are starting a business is for some cockamamie idea about tax benefits, you will probably fail. You need a lot of energy and attention to run a business. It doesn't just float on autopilot and reduce your taxes.
Copyright 1996-2020 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us