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Incorporating & Taxes

Discussion in 'Business & Tax Advice' started by DesignEx, Apr 28, 2011.

  1. DesignEx

    DesignEx Regular Member

    Mar 11, 2011
    Likes Received:
    Own a web development company
    I've been doing web design for a number of years, and I've always just ran it through my own name (checks go to personal back account, same with paypal).

    I've been debating incorporating, and running everything through there for awhile now. One reason is personal liability, another is it just looks better.

    The problem I have is taxes, and whether or not incorporating would effect that much. Right now I only pay taxes, claim taxes when I get sent a 1099. Which is fine, but most clients don't bother with this.

    So if I incorporate, would that mean I'd definitely have to claim all the income on my tax forms, how would that work? Everything is very simple now, and easy to manage. I really wouldn't want to complicate things too much.

    Any thoughts?
  2. infinitehorizons

    infinitehorizons Regular Member

    Mar 8, 2011
    Likes Received:
    SEO | CRO | Global Strategic Sourcing and Partners
    If you are making enough money get a referral to a fantastic CPA in your area from someone who you know is successful in a similiar business to yours.

    Fork out 200-400 dollars to spend a couple hours with him. Most great CPA's will do a free consultation.

    Make a list of questions like these and bring them with you.
    • Thanks Thanks x 1