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I would like to open a franchise or small business in early 2010. I am saving a lot of money per month, but want some input on tax-smart ways to accumulate the capital that I will need. It seems that the majority of ways to lower my adjusted gross income all involve locking away money until retirement age, which does not help me accrue capital now. Municipal bonds are great for the short term, but don’t have any tax benefits except on the interest that I earn… half beneficial. I need something or combination of things that will lower both my AGI and allow me to save for the less than five year term efficiently. Ideas??
I am currently not maxed in 401(k) but close, and am in the process of purchasing a home for the tax deduction.
Thanks Sincerely
You don’t need money to open a small business. What you need is experience, knowledge, a good business system, a good business plan to include a great marketing plan and good financial forecasts esp. cashflow forecast in order for other investors or banks to offer you a business loan. Money always follows a good business system, a good business manager and a good business plan.