Tax Trap #2 -- Double Taxation: Isn't Once Enough?
Author: Wayne Davies
Have you been thinking about incorporating your small business or self-employment activity? The advantages are many!
For starters, you'll be protecting yourself and your family from the possible of a business ending lawsuit. Forming a corporation is Step One on the path known as "Asset Protection" -- you are moving from the world of unlimited liability to the world of limited liability.
From a tax standpoint, there are both advantages and disadvantages to incorporating. Yes, forming a corporation can either reduce your taxes or increase your taxes, depending on what type of corporation you create.
There are two main types of corporations: "C" Corporations and "S" Corporations --...
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