incorporation

Posted By: curious on 2007-06-26
In Reply to: We have business name and tax ID # - sm

my name will be the corporation, so the only thing that changes is the fact that I do not get a 1099 anymore. I do work for more than one MTSO and have my own clients as well.

I am wondering if I should just leave the inc for my private clients and show an income of the MTSOs I work for

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Has anyone doen this - curious
- We have business name and tax ID # - sm
  - incorporation - curious
    - Not sure how you can get out of getting a 1099 - sm
    - Why not consult with a professional on this? - sm
      - did - curious
- I'm not sure you really need to spend the $$ to do this. - sm
  - incorporation - curious
    - Part of what you pay in taxes w/o the incorporation... - sm
    - incorporating - bunny
      - How fortunate that someone took the time to answer your question. - sm
- before the police show up...nm - done this

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incorporation
It is not much to do this - and I save on the percentage of taxes paid - less for corporate then for IC - also other incomes for private clients to consider - so rather than questioning my reasons, you answer would be - no I have not done this?

Part of what you pay in taxes w/o the incorporation...
...would be Social Security taxes. I would think that after you become a corporation, the deduction that you're speaking of would be coming from not having to pay have the SS tax. Have you checked out how this would affect your personal situation after you dissolve the corporation and/or retire and expect to collect SS? Just a thought...