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 […]
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.