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Entrepreneurship: The New Retirement
Money SmartsApril 3, 2018
America’s idea of retirement has changed significantly over the last several years. New retirees are increasingly making the transition from working for someone else to working for themselves. For someone making this switch, the thought of starting a business can be both exciting and nerve wracking.
As a member of Great Lakes Credit Union (GLCU), you’ve got someone to help solve these problems. We can help answer questions like:
How do I separate my business funds from my personal funds?
When it comes time to pay taxes, having a detailed record of your business costs can save you a bundle. Keeping a clear account of who’s paid you and who hasn’t can also be important for budding entrepreneurs. Everything about business accounting is simplified by a separate business checking account.
A Business Checking Account at GLCU can make a business owner’s life easier!
Where do I go to get funding?
Starting a business costs money. Whether you need product development, market research or advertising. Using your retirement nest egg to fund start-up costs might be too risky.
Finding a way to balance the costs from your business with your need for retirement security can be a tricky proposition. GLCU offers Business Packages which can help guide your efforts with an initial investment.
What do I do about taxes?
Your paychecks will seem much larger because you’re not having income taxes or payroll taxes deducted every paycheck. The reality is the IRS will send you a bill for about 30% of your gross income for the year in April.
With a Savings Account to automatically deduct weekly payments from your business checking account, GLCU can act like your own HR department. This savings account will cover the bill when taxes come and in the meantime you can even earn dividends on the money you sock away.
Starting a small business can be scary. It takes a lot of knowledge, skill and hard work. GLCU can help control many risk factors along the way. Speak to a representative about planning your entrepreneurial adventure today.