Home     Forum     401k     401k Rollovers
    Register   Login   Members   Search   FAQs     Recent Posts    




Taxing Corporations vs the Individual

Reply to topic
Money Talk > Taxes

Author Thread
NavyGuy
New Member


Cash: $ 0.70

Posts: 3
Joined: 04 Jan 2006
Location: Reno
Taxing Corporations vs the Individual  Reply with quote  

Hi, my name is Cody and I have a bit of a problem. I'm currently enlisted in the United States Naval Reserve as a Delayed Entry Program (DEP) Recruit and will be swearing in for Active Duty on October 3rd, 2006. I have a fiance' in the Navy as well and she'll be graduating Boot Camp on January 13th, 2006. The thing is, when we were both out of the military and were financially stable (have a house, steady jobs) and believe me we have LOTS of plans to get that bit done, a goal of ours is to own our own Hunting Guide service. I mean this is a HUGE dream for us. Well, I was talking to a woman who helped run her ex-husbands business to hopefully get some hints on the whole entrepreneur deal. Well she told me to make instead of a private business, a Corporation. She mentioned how the money put into the Corporation helps take the amount of taxes off of the individual who runs the business. She tried explaining the process to me but it was utterly confusing, and ontop of that, she never did explain how to offically make a business a Corporation. I'm really hoping that somebody here can help my fiance' and I out with this one, or tell me a helpful website. Thanks a bunch guys.

With regards,
Cody
Post Wed Jan 04, 2006 4:03 am
 View user's profile Send private message Send e-mail Yahoo Messenger MSN Messenger
Dus10
Member


Cash: $ 3.40

Posts: 17
Joined: 30 Dec 2005
Location: Indianapolis
 Reply with quote  

You do not necessarily need for it to be a Corporation... however, I would strongly advise that you use a seperate legal entity of some sort... be it a Corporate, or an LLC. The asset protection aspect is a must. Also, each has various postitives and negatives in respect to taxes... and they change based on revenue. You will want to get a handle on accounting and taxes for individuals and corporations.
Post Wed Jan 04, 2006 6:50 pm
 View user's profile Send private message Visit poster's website
Jaszbo
Preferred Member


Cash: $ 35.90

Posts: 177
Joined: 03 Jan 2006

 Reply with quote  

It's true that the corporation pay less taxes. Have you ever heard that the rich pay less taxes then the middle class and poor. Everything in a corporation is a write off...... you can include dinners, plan tickets and so many things. Some people abuse it, but for instance you could fly to see an aunt in NY, while living in CA and claim you were also there on a business trip, so everything was a tax write off.
There's a C and S corporation and I believe there's more benefits to a C corporation. I do not own a corporation, but only read a lot. If you are intrestead you need to get a few books and read as much as possible and not take advice from one person or a lady who cannot explain it well.

I'm not sure if you have heard of the popular book "rich dad poor dad", he's one of the people that goes on and on about corporations and he has a few books about the subject. I don't recommend any of his books, just to let you know that I think you need to devote some time reading as much as possible before trying to get into something and fail, because you didn't educate yourself enough. Good luck with everything
Post Wed Jan 04, 2006 6:55 pm
 View user's profile Send private message
NavyGuy
New Member


Cash: $ 0.70

Posts: 3
Joined: 04 Jan 2006
Location: Reno
Thanks  Reply with quote  

Hey thanks guys, really. I mean from the point I'm at anything is useful and well noted. If I have any more questions I'll be sure to ask you. Thanks again.

With Regards,
Cody
Post Thu Jan 05, 2006 10:27 pm
 View user's profile Send private message Send e-mail Yahoo Messenger MSN Messenger

Reply to topic
Forum Jump:
Jump to:  
  Display posts from previous:      





Money Talk © 2003-2016