There is much legitimate trepidation associated with leaving a steady career to pursue business ownership. Beyond parting with consistent wages, an entrepreneur also often relinquishes employer-funded insurance benefits. There are, however, alternative approaches to benefits.
For example, one option, now that you are the employer, is to take advantage of this newfound status. IRS Code Section 105 regarding reimbursement of medical expenses allows a self-employed individual to deduct 100% of their family’s health insurance premiums and out-of-pocket medical, vision, and dental expenses.
So while it is undoubtedly difficult to leave behind previous employee benefits, remember that employers have benefits too! These perks are simply not as widely publicized, and in many cases require a significant amount of research and due diligence to uncover.
Home Business Insurance
According to CaronBeesley of Business.gov:
"Protecting your business investment with insurance is a critical part of small business ownership. It minimizes the risks associated with unexpected events, liabilities, and losses.
However, as with all insurance markets, knowing and finding the best insurance for your needs is not an easy task.
Whether you are starting a business, taking on employees for the first time, or evolving your business structure, there are many variables that determine the right insurance for your small business, including your business structure, business activities, location, whether or not you hire employees, and so on.
Most of the information published in the public domain comes directly from those with the greatest amount of vested interest - the insurance companies and their agents. So it’s no surprise that navigating the maze of small business insurance laws and best practices can be confusing.
There are two fundamental types of insurance - commercial business insurance, which is not necessarily required by law, and employer insurance, which is."
Types of Commercial Business Insurance
Types of Required Insurance for Employers
Recent Home Business Taxes News:
Recent news articles published about Home Business Taxes:
Home Business Taxes Google Blog Search
Recent blog posts about Home Business: