Nothing sad about that dream:cheerleader:Originally Posted by marcjacob
Nothing sad about that dream:cheerleader:
Well..... you do pay for national health insurance.... it's in your VAT taxes and higher income tax rates. It comes one way or the other. Living in Texas, I was able to live on next to nothing for reasonably well. And in Austin, if your income is below the poverty line, the city/county has a hospital and clinic system that costs the patient almost nothing.... if you follow-up with their bureaucracy.
I would also point out that being self employed gives you lots of power in *how* you pay your taxes. With a real job, you work, and your employer is your mommy.
Working for yourself, you can customize your life to fit your needs. I claim my mileage on my car, I claim a specific square foot office space in my apartment which are deductibles. I keep an open mind as to things which are real business uses (my laptop, printer, desk chair) that are 100% Section 179 deductions.
The webmaster shows are all reported as my business expenses, and that is absolutely one reason I go to these far flung shows in the groovy destinations like Phoenix, Las Vegas, Ft Lauderdale, L.A., etc.
And I don't limit myself to adult website business. One of my other websites is on collecting and selling Fiestaware - so I expense the annual Fiestaware collectors convention which I travel to in July. I still maintain a website for a friend of mine's small business in Houston, and occasionally I'll drive down there to see him and where we do spend several hours on updating his website. That's mileage and a couple of meals right there.
Now I'm careful not to go overboard.... I don't claim the cat as a dependant, any "nightlife" receipts while in Houston or elsewhere. I specifically avoid claiming things that I can't point to as a business purpose. There's lots of legitimate things there, combined with the fact that income tax rates are lower now then anytime in the past many decades.
Also, Texas for me helped significantly because there is no state income tax, or few other taxes - compared to, say, New York City's lovely 4% non-incorporated business tax, or its city income tax, etc.
I was able to handle income taxes... but the first year I was so novice I didn't even know what quarterly tax payments were. I had just thought you were supposed to sock away your income tax payment into one lump and pay it on April 15. Year two I learned from that - and I began depositing my largest regular affiliate check directly into a money market account, from which I pay my quarterly tax liabilities and not have any future problems.
Steve
Yes i know from previous tax experience that i can deduct all of these things which has to be a big help. I will have to pay "national insurance" that covers me for health and job seekers benefits but thats minimal.
I have found out that i hit problem if i leave my job willingly within 6 months of claiming unemployment so ill need to be able to survive on my own for upto 6 months. Ive never been dependant on benefits for long as ive alway found work quickly but having it as the saftey net is a must for me, so i need some savings. Also because of the delay in checks getting cashed i will know that sales have slowed about a month before it effects the cash in my pocket, thats time to act i think.
I have an easy solution for you... get fired! Lol.
That has occurred to me. I wouldnt leave to build a business then return to that job, id rather flip burgers in mcdonalds that admit to my former managers that id failed.
Fear of failure is an AWESOME motivator!
My advice to you is keep building up your business, but hold onto that day job. Wait till the middle of the summer. Around July and Aug. and see where your sales are at. I found for me that is the killer time, sales seem to really slow down.
Myself I think I'm at the point where I should find a part time day job and not a full time one. I'm building into this very slowly. As far as health insurance believe it or not, if you can get an Amoco credit card they have a type of health insurance. Very cheap and better then none.
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