(and no, we have no real savings accounts at the moment!)
If you’ve got a business, you can often get by with a few basic forms of income. For example, a company’s business income can be paid out to employees, but also used to fund other businesses. Your job should include creating a business in which your employee can be paid a weekly wage.
You can also take money from your company’s profits for personal uses, such as buying a house, moving into a new apartment, going overseas, and so on. It’s more complicated than you think, but we have written about some of the different ways you can withdraw money from your company profit from time to time.
If you plan to invest some part of your earnings in an exchange-traded fund, such as the Russell 2000, you have to make sure you have enough cash to cover any losses.
Here are some simple ways you can get by with a few extra dollars:
Use the following tips to see how many dollars you can make selling something for less than what you were buying it for:
You could try to avoid the temptation to sell the item you are buying to avoid paying taxes. Instead, use an alternative approach:
Your employer’s sales tax (if you are self-employed) will be applied to any money you bring in to the shop where you sell the item to avoid taxes by using the business expenses for goods & services tax (GST), a tax that affects all businesses. If you sell the item directly to an individual person, then your personal tax liability for that transaction is higher—but if you take an inventory in a shop and sell the item for less than you paid for it, you can get an out-of-pocket refund for any items you sell, as long as you are able to pass the business expenses on to the buyer.
This is true even if the seller pays the taxes in cash. There’s no tax on paying cash in for a tax-free business expense. If you take an inventory and you don’t sell your goods, the seller can simply take the value off your tax bill and then pass the business expenses on to you. You can take inventory of the items to determine whether they’re taxable items—so you can figure out if you should be taking advantage of the no-profit deduction.
Keep in mind that not all sales are taxable business expense because the price was paid in cash. This isn’t a valid excuse in most
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