Being self employed clearly has many benefits. Benefits such as various tax deductions, additional IRA and 401k contributions, and of course additional income can be attained from self employment. These methods of saving are not possible to those who are not self employed. Self employed individuals can also extend these benefits to family that their business employs, even children. Saving for your retirement is of utmost importance, whether it be early or late in life. A large percentage of new business are actually created by people who are nearing retirement age. Owning a business can help mitigate some of the expenses of health insurance, and various other large purchases that one would normally make. The burden of planning for retirement can be lessened by simply investing in your own business if possible, and utilizing the various tax advantages that are allowed by business owners.
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How to Use Self-Employment to Cut Your Taxes in Retirement