Quote: (08-29-2016 01:53 PM)TheOllam Wrote:
Start a business entity so you can begin writing off certain expenses.
If you have a full time job and a part time business you can legitimately write off a portion of your cell phone bill, transportation expenses or a computer because it was used towards your business. Then you get a bigger tax refund.
If you succeed, you build a business! If you fail, you lower your tax liabilities. Simply reducing your tax liabilities is a way to retain more personal wealth long term. From there you can find assets like real estate / rentals / air bnb to store your wealth and again find ways to reduce tax liabilities.
Good answer and even better way thinking. Not all your investments are material. I recommend investing in knowledge and in the short to near term, knowledge that you can put to use right away in the way of making money. A second occupation, thus you start your business at the same time. You can't write off the education you take for switching trades but yes you can deduct all continuing education. Also, you invest all that you can back into the business; then you attain relatively low taxes and grow your business. Very important to pick a trade you really enjoy doing. Just my words.
"A human being should be able to change a diaper, plan an invasion, butcher a hog, conn a ship, design a building, write a sonnet, balance accounts, build a wall, set a bone, comfort the dying, take orders, give orders, cooperate, act alone, solve equations, analyze a new problem, pitch manure, program a computer, cook a tasty meal, fight efficiently, die gallantly. Specialization is for insects."
— Robert Heinlein