Reduce Your Income Taxes by Incorporating
Despite possible financial savings by incorporating, it may not be the right decision for you. We can help you weigh your options, and will be there with you every step of the way to ensure the process goes as smoothly as possible.
If you are unsure about incorporation, here are some questions to ponder and discuss with your Flaim Wolsey Hall advisor:
- Am I looking to defer some of my taxes?
- Am I looking to split my income with lower-income earning members of my family?
- Am I looking for protection from creditors?
- Do I mind the increased complexity of running an incorporated business?
- Do I mind spending more on administrative costs?
How is incorporating more complex than being a sole proprietor?
Incorporating takes a bit of work, but there is a clear incorporation process and we will walk you through it step by step. You will also need to do certain things once the process is completed to ensure the corporation is valid.
To maximize the benefits of incorporating, we will help you decide what combination of salary and dividends will save you the most taxes, and whether it would be beneficial for you to set up a trust or holding company.
To make things as easy as possible for you, we will provide you with a set of clearly-labelled folders. As you receive tax-related documents throughout the year, simply pop them into the correct folder and your year-end process and bookkeeping responsibilities will be very straightforward.
Understanding the ins and outs of incorporating can be difficult. Flaim Wolsey Hall can guide you through the process and help ensure you get the most out of it should you choose to incorporate.