::shrug:: isn't that what we are doing here? AFAIK incorporation works way better if you are talking about business revenues oh say above 150,000. S corporation would cover anything below that. If asset protection is not a concern you don't *really* need to do either, is my point. In other words, you do not have to be incorporated to be a business.
Dana On Mon, 16 Jun 2003 11:13:13 -0400, Haggerty, Mike <[EMAIL PROTECTED]> wrote: > Well, one other thing I would suggest is to consult with anyone you know > who > has successfully run their own business. I receive advice from a number > of > professionals on day to day details on accounting, it has changed the way > I > think about just about everything. > > M > > -----Original Message----- > From: Dana Tierney [mailto:[EMAIL PROTECTED] Sent: Monday, June 16, > 2003 11:03 AM > To: CF-Community > Subject: Re: Home Business was(RE: Microsoft ActionPack Subscription > (with > cou pon....)) > > > It can get you quite a ways but I prefer to avoid that home office > expense. If you have a tax lawyer helping you with it you are probably > good. The thing I am saying though, is that I do all that without being > incorporated at all. However, I have very few assets so this may not be > for everyone. S corporation status helps you separate business and > personal assets if this is a concern. > > Dana > > On Mon, 16 Jun 2003 10:46:22 -0400, Haggerty, Mike <[EMAIL PROTECTED]> > wrote: > >> Only pay yourself a nominal salary of $1 a year to avoid the taxation >> penalties. Have the corporation pay the cost of the lease for your car, >> rental space for your office in your home, your health insurance, day >> care, tuition, business meals, cell phone, DSL, equipment and software >> purchases, >> etc. Use Quickbooks extensively to record all income and receipts, and >> see >> how far it gets you. >> >> M >> >> -----Original Message----- >> From: Dana Tierney [mailto:[EMAIL PROTECTED] Sent: Monday, June 16, >> 2003 10:39 AM >> To: CF-Community >> Subject: Re: Home Business was(RE: Microsoft ActionPack Subscription >> (with >> cou pon....)) >> >> >> There are very few benefits to incorporation for a small business. First >> of all the corporate veil does you little good. Then (unless this >> changed under Bush) all income from the business will be taxed twice, >> once at the corporate level, then again as income to you. One advantage >> is that you can go public and sell shares. I would say chapter S all the >> way. >> >> On how to handle business income, even small, you need to file -- hmmm I >> think it is a schedule C? not in front of me -- and a 1040. Definitely a >> schedule SE for the additional social security tax. All of this assumes >> that your business made a profit. >> >> HTH >> Dana >> >> On Mon, 16 Jun 2003 10:06:49 -0400, Candace Cottrell >> <[EMAIL PROTECTED]> wrote: >> >>> I was wondering about this as well. >>> I do some sites on the side, but just add the $$ ( a very small amt) to >>> my gross income. I emailed the IRS and they didnt give me too >>> definitive an answer. >>> >>> Candace K. Cottrell, Web Developer The Children's Medical Center One >>> Children's Plaza Dayton, OH 45404 937-641-4293 >>> http://www.childrensdayton.org >>> >>> [EMAIL PROTECTED] >>> >>>>>> [EMAIL PROTECTED] 6/16/2003 9:54:08 AM >>> >>> I have been operating my side/contracting business as Terminal-Fusion >>> for several years now, but never actually went the legal route. Always >>> just >>> tack what ever I make on to the top of my base income come taxt time. >>> >>> What are the benifits of becoming incorperated? >>> >>> Tim >>> >>>> -----Original Message----- >>>> From: Raymond Camden [SMTP:[EMAIL PROTECTED] Sent: Monday, >>>> June 16, 2003 9:54 AM >>>> To: CF-Community >>>> Subject: RE: Home Business was(RE: Microsoft ActionPack >>> Subscription >>>> (with cou pon....)) >>>> >>>> > I am wondering, did any of you ever take the time to set up > an >>>> actual company? How difficult is it? I was thinking sub > chapter s? >>>> > >>>> >>>> I thought I _had_ to. I just used my name as my business (same thing >>> I >>>> did when I bought a computer via Dell using their Small Business >>>> prices). I should have named my company Vandelay Industries. ;) >>>> >>>> -ray >>>> >>>> >>> >>> >> >> > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Archives: http://www.houseoffusion.com/cf_lists/index.cfm?forumid=5 Subscription: http://www.houseoffusion.com/cf_lists/index.cfm?method=subscribe&forumid=5 Your ad could be here. Monies from ads go to support these lists and provide more resources for the community. http://www.fusionauthority.com/ads.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
