Trump Tax Law makes Self-Employment a better option for many
Sunday, September 30, 2018 at 09:27AM
Earl L. Sigmund

    

 No matter your political persuasion, the new Trump tax act provides incentive for many W-2 employees with no real fringe benefits, no real upward mobility, and general current workplace unhappiness. The act gives you a reason to look more closely at the Self-Employment option. A new tax tax deduction for Self-Empoyed individuals reducing your taxable federal income by as much as 20% is the the prime factor. The loss of tax deductions for employee unreimbursed expenses is another.

 

       Should you jump into the pool? The answer from an income tax prospective seems easy, but the answer is really much more complex and requires much thought, research, education, and a self-examination of your personality and your family relationships. Self- employment is NOT easy period, and it requires that true Entrepreneauial Spirit that most individuals lack. Either you are a leader in this crazy world of today or you are NOT. Talk to someone who can tell you the good, bad, and ugly facets of working for yourself. Test out your business idea on a short trial basis - prepare a realistic business plan - and don't commit to any large capital investment BEFORE someone experienced in advising individuals on business matters tells you that you have a real good shot at success.                 

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