Tax Accountant

February 9, 2013

Save on taxes by incorporating?

Generally, corporate income is taxed at a lower rate than personal income. For many small proprietorships it may not matter. Corporate taxes may be more complicated sometimes, but generally that is out of an effort to be equitable and cut back on loopholes. Is incorporation for you? From a tax accounting perspective there are rules to follow: First if you walk like an employee, and act like an employee, you cannot claim your income as corporate. The rules are more complex than that, but generally the more one has creative control to get the job done and responsibility to bring […]