The tax advantages of incorporating a business is one of the main reasons that owners choose to incorporate their businesses, no matter what market they work in. Other types of businesses, such as sole proprietorships, are not afforded nearly as many tax advantages as an incorporation.
A move called income shifting is one that helps the business, and its owners, immensely. This is a method in which the total income of your corporation is divided among its members. How does this help, you might wonder? By shifting the income to a number of individuals, the overall tax that is required to be paid on it can be significantly lower, which is a great tax advantages of incorporating a business.
Being able to offer a greater amount of fringe benefits also factors into the tax advantages of incorporating a business. This is from the fact that other types of businesses don’t get as much of a tax deduction on such things as medical and retirement plans. In some cases, you can get a full exemption as long as you choose the proper plans.
Another tax advantages of incorporating a business is that of making your business a completely separate entity. This saves...
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