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Re: Incorporating

eyeteam — Tue, 23 Dec 2008 01:31:41 GMT

Go to www.gosmallbiztoolbox.info to answer your small business needs.

Re: Incorporating

ljbusiness — Tue, 16 Dec 2008 06:12:59 GMT

Thank you that answered my question.

Re: Incorporating

Elite1 — Tue, 16 Dec 2008 04:08:16 GMT

If your question is...Can we claim our entire 2008 income as a corporation if we incorporate in December? The answer is no.

You start reporting corporate income on your corporate tax return starting with the effective date of incorporation. (If you report on a calendar year basis...and you incorporated today, you would file a short-year return...reporting 2 weeks of income and expenses on a corporate return.) Probably wouldn't be very beneficial. I would need more information to help you further.

Did I understand the question clearly?

Have you talked to your accountant?

Tanya
Elite Financial Services, LLC

Re: Incorporating

ljbusiness — Tue, 16 Dec 2008 03:58:41 GMT

I was hoping if we incorporate it would reduce out tax liability, the corporation would be a 15 % tax bracket and it would reduce our personal tax bracket also. I am not sure how that would work since we have not been paying ourselves a salary all year though. I think we would also be able to claim 100% of our medical expenses.

Re: Incorporating

LUCKIEST — Tue, 16 Dec 2008 03:19:50 GMT

Incorporating, Welcome

It could. Tell us more or talk to your accountant

Incorporating

ljbusiness — Tue, 16 Dec 2008 00:53:46 GMT

If we incorporate our small business at this point in the year (December) Can it help us for the entire year of 2008 as far as taxes are concerned?