With the current administration planning to change the way an S-corporation is taxes for service businesses, so all profit will be subject to self employment taxes we are coming to a crossroads. I have always been a strong advocate of starting a small business. But more and more obstacles seem to be jumping into the way of a entrepreneur’s success.
You have the government wanting all profit to be just another component of your paycheck, never mind you may be risking you retirement savings, personal saving and credit rating and whatever else you poured into your business to get it started. All is at risk, along with your time, energy, self worth.
You also have the government charging you higher property taxes on commercial property if you own you business sight. Businesses don’t vote so they can get away with it (not all owners live in the city their business are located).
Even the utilities have higher rates for business clients, as do banks and just about everyone else.
In spite of these obstacles and the others that exist now and will exist in the future I still believe that the only way to get rich and self sufficient is to be your own boss. The other way is to be a CEO or top manager for a Fortune 500. So unless you are currently on the fast tract at this point, you never will be.
Your choice help make someone else rich, or be rich yourself. In spite of the risks and limitation on the rewards it will be worth it.