While your downsized colleagues fret about their futures, you can turn the negative of a job loss into the positive of a new business. Many out-of-work Americans are not waiting for their old positions to return as economically viable. Instead, they are taking their job loss as an opportunity to pursue their entrepreneurial dreams.
Tax is assessed on the profit of a corporation differently than the business profit of an independent contractor. Self-employed individuals receive a Form 1099 reporting their income as independent contractors. At high income levels, the tax rate for corporate profits is less than the personal rate. A tax savings is even realized when all the […]
A corporation is a distinct legal entity that pays workers for their services. Corporate shareholders who operate the business are compensated just like any employees. This permits the corporation to provide employee benefit plans to the owner. An independent contractor taxed on income reported by Form 1099 is not entitled to establish employee benefit plans […]
If your New Year’s resolution is minimizing business expenses, look no further than the cost of taxes. Visualizing the tax savings available for an incorporated business begins with an examination of the tax costs from not incorporating. In fact, the tax burden on an unincorporated independent contractor is significant.
When you create a corporation as the successor to your proprietorship business, there are many steps in the transition. One of the important changes is that you become an employee of the corporation. You’re responsible for managing the business as a separate entity.
Many entrepreneurs know the value of picking the right location for business formation. Now, the Small Business & Entrepreneurship Council offers insight on some of the best places in the country for business incorporation.