Forget about that. Our goal for this year was, to get off the back of the income tax. After spending a good few years working and trying to get a job, I can safely say that, at the end of the year, I am working to create a new income tax. I will be taking a vacation in December, and as the tax period goes on, I have a solid job search. This is a great time to start your own business.
We need to get the job done this year. So I put up a Facebook page and a page to promote the new business. For the first time in a long time, in January, I was going to make a Facebook page that was more about photography than the work I was working on. It would be a lot more fun for me than a Facebook page.
In January the Facebook page will be officially open to any of my friends who are interested in starting a business or who need some inspiration. And I will also be uploading more photos from my travels. At the end of January I will also be uploading some new videos, which will be great to share with my friends.
I’m not sure yet if I will be returning capital gains which are taxed at the same rate I pay on my business income. I could be wrong, but I’m not sure if I want to keep my tax return in my account or not. I would just like to be taxed on my business income. I’ve done both and I don’t like to do it.
Capital gains are taxed at the top rate when you sell your business, but then again, if you bought a house, you may have to pay the top rate on mortgage interest, which is very different than capital gains. There’s been a lot of talk about this recently and there are even some folks who say they would rather just pay taxes on all of the income you have earned but don’t need to pay on your business income.
Capital gains are taxed at the highest rates available (currently 20%), but then again, they are taxed at a lower tax rate than ordinary income, so you may want to consider the tax implications of selling a business and then returning all of your capital gains to the government.
You can of course take them with you and sell your business to someone else, but you may be taxed on any capital gains you earn elsewhere.
I don’t really know when capital gains come into play, but I’ve always had trouble with it in the past. When my wife and I bought our home we didn’t plan on investing all of the equity in the house and then selling the home later. We didn’t really think about the tax implications and we didn’t really think about selling the house until years later.
One of the biggest issues that we have with capital gains taxes is that they are for real. Capital gains are a lot more expensive than real estate, so when you sell your home you have to sell your assets (and your capital gains), just like you would in real estate.
With some of the smaller houses we have, you could easily buy a house that was already worth more than $500,000 and sell it to a corporation with 100% equity. However, if you don’t own the house after the first year, you can also buy it for $1,000,000. In the case that you don’t own the house after the second year, you can sell it to a new corporation with 100% equity and 100% capital gains.