goodandevil
Member
- Joined
- May 27, 2015
- Messages
- 978
Excellent- thank you very much. I have a few business ideas, acrually. Id like to transition into them from the working world as soon as possible, using my job for capital. I will save what you wrote.I'm no expert in this field, just saw what others were doing, and tried to emulate it. it was more about choosing a line of work, then finding out the best tax strategy, as there are different techniques in all industries. I worked my butt off for a couple of years, then purchased some properties as I didn't want to work 40+ hours a week for a living.
Business homeowners are allowed to write-off 3.5% of their house build cost, which in my case along with a couple of other write-offs wipes 80-90% of my taxes away. In the long run, If I can correctly navigate my appreciation, my taxes could get as low as 2%. A possible suggestion for your particular scenario would be to look into creating your own company for write-off purposes once you get back to working. it's difficult to get creative unless you own a company. Write offs differ depending on the country. Each country will have a vast amount of literature on this subject. Also, do not be get persuaded into spending any of your money. a dollar saved today and invested properly will provide $100 dollars in 40 years. When I was saving up for 7 years or so I bought used clothing, food on sale, didn't spend any money on fun, etc. it was a sacrifice, but my plan worked.