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S04 Episode 02: Business Owner Benefits
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In today’s episode, we explore the benefits of being a business owner. Two of the benefits include tax advantages and risk mitigation.
First, let’s touch on some distinctions about business ownership. All business owners are self-employed, but not all self-employed people are a business. If you are self-employed, you do business under your social security number. Whereas if you own a business, you are known as a sole-proprietor to the IRS, and you operate your business expenses with your Employee Identification Number (EIN).
By operating under that EIN number, you insulate yourself from personal liability. You can still potentially be sued, but they cannot come after your personal assets like your car or your house when that distinction is in place.
Research was conducted, and it found people who transitioned from regular work to self-employment experienced a healthy gain in both mental and physical health.
Business ownership is an opportunity to develop your career in a way beyond traditional norms and standards. Moreover, it can provide extreme flexibility in your schedule, coupled with an unlimited earning potential.
As a business owner the tax advantages increase significantly. We touch on several pandemic-related examples where small business owners received tax benefits, as well as personal ways we use tax advantages to our benefit with our consultant business.
To truly take advantage of your standing as a self-employed person, whether that be for tax reasons or for risk protection, becoming a business owner has major benefits.
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