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After a while, you recognize that everything associated with being the boss has a price tag attached.
You are responsible for all expenditures, from the major expenses to the paperclips and office essential items.
In the beginning, making money is the primary objective.
It provides security to working individuals who may lose income due to retirement, disability or death.
You want to ensure you establish the financial protection employed individuals take for granted during their working years.
Employees are accustomed to paying 6.2% and the employer pays 6.2%.
The payment of 12.4% can be paid monthly, but is due at minimum, quarterly.
Ensuring youre fully aware of all expenses allows you to budget more efficiently.
It allows for great deductions when your expenses are deemed ordinary and necessary in your general cost of business.
Reasonableness can be considered as well.
You create your schedule, determine your time and outline your sick days.
Sitting with a financial planner will help you establish which is best for your business.
Other considerations include insurance plans that cover health and liability.
The tax laws are explicit in that they state the space must be exclusive to your business.
Both scenarios offer an opportunity to save and invest more money over time.
Wealth accumulation is possible for everyone.
The best way to not fall behind is to get qualified experts on your team.
You have the advantage of saving both as an employee and employer.
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