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    Business Owner Basics

    Entrepreneurship is not for everyone. Some folks think they will love it and after a year realize they miss the structure, security, and paid time off that often comes with working for someone else. Our partner, Brooklyn FI, lays out a brief overview of what it takes to start a business and the things you should be thinking about at each stage of revenue.

    What really matters

    • Keep personal and business expenses separate.
    • Books and records should be overseen by a professional bookkeeper.
    • Save 40% of every dollar you receive to prepare for filing your tax return.
    • Use a SEP-IRA or Solo 401(k) to defer taxes.
    • Choose an entity type that fits your business needs.
    • And more…

    Read full article by Brooklyn FI

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