2007-07-13 04:46:28 · 3 answers · asked by ali o 1 in Business & Finance ➔ Taxes ➔ United States
Its good to be your own boss but remember this!!!
You can NEVER write off more money than you claim to make. That will get you in trouble with the tax man
2007-07-13 04:55:07 · answer #1 · answered by snertlover 3 · 0⤊ 2⤋
If you are a wage earner, setting up a corporation will do nothing to lessen your tax liability. You'll just waste money in legal fees and preparing tax returns and statements for a corporation that has no income.
2007-07-13 11:52:19 · answer #2 · answered by Bostonian In MO 7 · 4⤊ 1⤋
If yopu start a corporation you will ahve to pay double taxes.
they only benifit is that you can write off a lot more expenses then normal. you can save money by investing a lot of money into a retirement acount so you don't have to pay taxes on that portion, but you won't have that money for a long time.
2007-07-13 11:50:18 · answer #3 · answered by michael c 2 · 0⤊ 2⤋