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Thread: Inc.Tax Benefits

  1. #1
    Senior Member
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    Mar 2001
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    Inc.Tax Benefits

    Speaking to my friend last night about getting benefits possible of incorporating my freelancing. I would be able to write off supplies, dinners with clients, etc. I earn less than $3000/year freelancing but plan to increase to around $5000.

    Does anyone have more experience on the tax benefits? Maybe its not even worth me doing this.

    Thanks.
    CRO8

  2. #2
    FK M.D. pheck's Avatar
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    Jul 2001
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    MN
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    you can do the same write-offs as a sole proprietor and not incorporate. the benefits of incorporating are really in the protection of your personal assets. if your company is sued and it is incorporated, its money is at risk. but your personal assets are usually not at risk. so it's mostly a liability issue. expenses and tax benefits are generally the same. in CA, USA, there is a large franchise tax fee for corporations that doesn't make sense to incorporate below $8-10K USD.

  3. #3
    Senior Member
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    gotcha thanks.

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