BECOMING YOUR OWN BOSS
Starting a small business offers tax savings not available to individual taxpayers. While individuals pay taxes on earnings, businesses pay taxes on profits. “This is a key distinction,” says real estate investor Eric Bowlin, who teaches a course on achieving financial independence with passive income from real estate. “Businesses pay for internet, cable, phones, computers, cars, fuel, rent, mortgage interest, and more first, and pay taxes on what’s left. Regular people earn money and pay taxes first, then pay rent, car, fuel, internet, etc.”
