|Starting a small or home based business is a great way to immediately increase
your cash flow and begin building wealth.
By starting a small or home based business, you are likely to increase your tax deductions, so you can work with your accountant and adjust your withholdings to free up more cash flow throughout the year to invest or operate your business. This is preferable to letting the government hold your money all year without paying you a dime in interest.
The government encourages business ownership and rewards entrepreneurs with increased tax credits, deductions, and shelters. And not only do you have these lucrative tax benefits through your business, you also have the opportunity to stash away more money for retirement by setting up a SEP IRA, Keogh plan, or 401(k) for your company.
When it comes to financing your business, there are quite a few options available. For smaller companies, you can partner with others, pull in sponsors, and develop trade lines of credit, which are surprisingly easy to get for those with right knowledge and properly structured businesses.