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Subject:Re: 1099 vs Incorporation Pros &* Cons From:Michele Davis <michele -at- krautgrrl -dot- com> To:"TECHWR-L" <techwr-l -at- lists -dot- raycomm -dot- com> Date:Mon, 08 Jan 2001 16:06:16 -0600
I'm going through this dilemma myself. However, for different reasons. People
still use my services even though I am a sole-proprietorship, however being
incorporated offers certain advantages.
As an independent you:
Pay Taxes
Pay Expenses
Whereas when you are a corporation you:
Pay Expenses
Pay Taxes
As an indy you pay taxes on the whole amount you earn, even the amount deducted
for social security, then you pay social security. So for me, I pay 30% to the
IRS on my social security then I pay my 15.2% of social security. As a
corporation I would not do that.
The only down side I can see is that I would have to payroll myself, thereby
giving my accountant some money to show me how to do it.
I have a lawyer, but probably wouldn't ask him to help me. Too expensive, and in
Minnesota incorporation is pretty easy. Download the form, fill it out, pick a
name, pay your fee, and then they send you your Tax ID number.
My advice would be to talk to an accountant, not a lawyer.
Michele
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