Topic: Inc. (Page 1 of 1)

Speaking to my friend last night about getting benefits of incorporating my freelancing. I would be able to write off supplies, dinners with clients, etc. I earn less than $3000/year freelancing.

Does anyone have more info on the tax benefits? Maybe its not even worth me doing this.

Thanks.
CRO8

I could tell you all about the tax benefits, if you happened to live in australia. As it is I suggest you talk to your equivilant of the Asutralia Taxation Office...which in america I think is the IRS?

yeah- I will do some research.

Probably get better advise from a CPA than the IRS. It`s a matter of viewpoint.

Regardless of what you make, all deductions are good ones, yes ? Among others (I`m sure) filing as a Corp, also removes this income from your personal., and protects you personally from business lawsuits.
As well as *special* deals from credit card companies for small business.

<edit> Stupid Fingers</edit

[This message has been edited by docilebob (edited 08-16-2003).]

I have been working as an independent consultant for over fifteen years without incorporation. It is possible to take off most of your expenses without having to incorporate. The main advantage of incorporation is that you can only separate your business income and expenses from your personal income and expenses once you have incorporated.

I have a child going to college and am currently considering incorporation because it will allow me to separate my personal income from the companies income which will make it easier for my child to get some scholarships.

My accounts have and taxes have been handled by a CPA for many years and this is the only issue we have encounterd that has made me consider incorporation.




-- not necessarily stoned... just beautiful.