Running your own business introduces different elements that are not always easy to factor into your personal financial plan. In order to think through how running a business may affect your personal financial goals, here are a few things to consider:
- Tax implications of running a business
- How to coordinate tax planning factors (retirement plan contributions, tax deductions, etc.)
- Insurance needs
- Risk tolerance
- Financing Issues
Please take a moment to review the considerations in this checklist, What Issues Should You Consider As A Business Owner or 1099 Worker?
If you answer “YES” to any of these questions, be sure to consult with your financial advisor as individual situations may vary. For more information, contact the PBMares Wealth Management team.
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PBMares Wealth Management
