Advice for Joe the plumber

So you want to buy the business where you've been working for several years. As an employee you didn't get very many tax breaks but that will change when you become self employed. Folks that own their business get lots of tax breaks and you can find out about them at the IRS website. Here you will be able to read about all sorts of expenses that you can deduct off the top of your income. Things like employees pay, retirement plans, rent expense, interest, taxes, insurance, use of your car or home related to your business. The list goes on forever. You will need an accountant to sort it out, but don't worry that expense is a tax deduction too. Good luck to you Joe the plumber I hope your business thrives.