Incorporating my small business
by Sapphire (September 17, 2007)
I’ve been a bit quiet lately because I’ve been looking into incorporating. This year, about 60% of what I earned will go to state and federal governments, unless I make a contribution to one of my retirement funds to circumvent that. Which is fine for now - I don’t need this year’s profits right this instant. But it would have been nice to have them to reinvest.
The only way to reduce the tax burden and keep the money is through incorporating the business. I think the time has come, and maybe I should even do it this year. I really don’t know what costs to expect or which type of corporation to go with. I need an accountant and I’m not sure how to find a good one. (I did get one recommendation that I trust; I may phone a rather expensive accountant I used to work with and ask if he knows any cheap but decent accountants who can help.)
Have any of you done this? Got any tips or suggestions?
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September 17th, 2007 at 12:58 pm
I incorporated a few years ago. I used legalzoom.com, easy and about $250.
The first few years I was able to swing the taxes myself using turbotax but it’s getting out of hand now. I’m in the market for a good cheep accountant also in the next few months.
September 18th, 2007 at 8:20 am
A good accountant is worth paying for. My husband incorporated his business from the beginning (what he does requires protection from liability). He found an accountant who he trusted AND he asked the accountant to teach him, not just do it for him, so that now he rarely needs help with it. It’s not that complicated if you can get someone who’s willing to explain things to you adequately — and then you’ll keep your expense down by not having to go back very often.