Income, Expenses, and the Tax Man
Money is better than poverty, if only for financial reasons.
—Woody Allen
Understanding and Forecasting Your Expenses
It is important your business income (along with any other money coming in) is sufficient to cover your living expenses, so a short discussion on income and expenses is in order.
Consultants may dream of high six-figure incomes, but the reality is much harsher for most. It is important to know how much money you need to maintain your current standard of living or whether you need to be cutting back in certain areas. The Consumer Expenditures Report, updated annually in September by the U.S. Department of Labor Bureau of Labor Statistics, shows the following income and spending breakdown ...
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