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register as company

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Your Text: Insert Slimies » Insert UBB Code » Close Last Tag \| All Tags UBB Help	Registering the company will not affect your tax status. With only about $6000.00 per year of income, your best way of reducing your taxes is to make sure that you use all possible business expenses to reduce the amount you are reporting as taxable income. Any software or hardware expenses, travel expenses, or advertising expenses you may incur related to this company can be used as deductions. If you can dedicate a room in your house to use as an office, a percentage of your utilities, mortgage, and upkeep expenses can be deducted. Keep in mind that you need to report at least $1.00 profit three years in every five for the company to be considered a company by the IRS. I am assumuing that you have other income besides the $6000.00 to $7000.00 per year you are projecting from this company. If not than your income is so low that you needn't worry about the amount you will pay in taxes. That amount of income has little or no tax on it. The advantage of registering your company name is that it makes it more difficult for someone else to come along later and use the same name for their business. Once your company starts getting enough incomke, you will want to consider incorporation. This will allow you to divide the income between yourself and the company so that the over all tax rate is lower. But, right now it is too early for you to be considering that. Loading...
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