If you are looking for ways to fund your home based business, you likely have come to many road blocks. Borrowing from family and friends is difficult especially if they don’t buy in to your idea for your home based business. Bank regulations and lack of business credit also hinder making your dream of owning your own home based business a reality. If your goal is financial freedom, there is a way to fund your home based business which you may not be aware of.
This strategy assumes you are working at a J. O. B. Each pay period you have federal income taxes, social security and medicare taxes, and depending on what state you reside or work in, state income taxes. Social security and medicare taxes are withheld by law, the rate of which is set by government. While federal and state income tax rates are set by government, you have control over the amount which is withheld from your pay check. Forms W-4 and the state withholding allowances, or similar form, are used to provide information to payroll departments for purposes of calculating federal and state income tax withheld.
While every tax situation is different, by adjusting your withholding allowances on your Form W-4, you can reduce the amount of Federal income tax withheld from your gross wages thereby increasing the amount of your net pay. This increase in your net pay can then be used to fund your home based business.
There are many businesses one can start and work at home, but one type of business which often has a very low-cost to entry with little risk is network marketing. Jim Rohn once said, “I’m working full-time at my job and part-time on my fortune,” referring to building his network marketing business while still working at a regular job.
Depending on their goals, many individuals become full-time home based business owners. Moms and dads who want to be home with their children and care givers for family members are just two examples of individuals who need time freedom, as well as, financial freedom. Network marketing affords them this opportunity.
If learning how to get the IRS to fund your home based business and reducing your taxes interests you, I’d be glad to discuss with you further. Connect with me via the form below and I will be in touch to discuss how I can help you get the IRS to fund your home based business.
Disclosure of Material Connection: Some of the links on this blog are “affiliate links.” This means if you click on the link and purchase the item, I might receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”
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