Posts Tagged sole proprietorship
Small Business Taxes — How to Avoid the Dreaded Double Taxation of Business Profit
The advantages are incorporating your small business are many.
For starters, you’ll be protecting yourself and your family from the possibility of a business ending lawsuit. Forming a corporation is Step One on the path known as “Asset Protection” — you are moving from the world of unlimited liability to the world of limited liability.
From a tax standpoint, there are both advantages and disadvantages to incorporating. Yes, forming a corporation can either reduce your taxes or increase your taxes, depending on what type of corporation you create.
Tags: c corporations, double taxation, forming a corporation, income tax return, personal income tax, s corporations, small business taxes, sole proprietorship, tax trap, types of corporationsRelated posts
Things to Do While Starting a Small Business
As an entrepreneur planning on starting a small business, it is essential for you to understand all the paperwork that needs to be done. This is critical in order to get the business up and running quickly and functioning smoothly thereafter. This piece serves as a roadmap for starting a small business.
Tags: customer acquisition, dreams in your eyes, employer identification number, financial projections, inadequate attention, internal revenue service, mandatory requirements, partnership deal, sole proprietorship, starting a small business
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