Yeah so, this is general chat but i dunno where to chat about it its a ‘lend a hand’ or advice thread haha…
Anyone incorporated here? You pay like… 19% tax total at the end of the year and write off your business expenses for the services you provide under your corporation. Make sense… sounds good.
Anyone actually doing it here, mind sharing some experiences. I’ve never done it before but some job offers I’ve had are asking me to be incorporated.
I’ve done it. Loved it. Wrote off $3000 in “repairs” to my old S13. Works out well for me.
You don’t have to be incorporated to write off expenses iirc.
Tell me more man. I really want to get into this. I’m being raped on taxes. I’m sick of it. 36% or so is taken off my paycheque its gay.
you can also open a solepropritership i have both its cheaper to open but with this type of business you are personably liable for any taxes or lawsuits that may incur the government can hold all you personal bank accounts if there are any problems.
it is much safer to go with a incorporation but more expensive to open in the first place like 600-1000$
sole prep 100-200$
both have great tax benifets much better than personal taxes
sole prep has the best tax benifets
sole prop for sure… but it depends on the type of work you do too! My job for example (which im not at liberty to discuss) allows me to write off all my electronics purchases (ie. digital cameras, video cameras, laptop etc.) and since my job often requires that i meet with clients over lunch or dinner to discuss current and future projects/files i write off all and any food reciepts (ie. dinning out) then since i also have to drive around most of the time and/or work from within my car i can write off most vehicle expenses (ie. i wrote off the purchase of my S13, AE86, all repairs, and upgrades… and even gas!)
but on the other hand my buddy thats a mechanic he can write off things like tools, and equipment, some clothing (ie. uniforms, work clothes) but not stuff like food and electronics, or car repairs.
having a good accountant helps too! if anyone wants a referance ive got the best one!!
and as nd4boost said, you are responsible for all taxes by the end of the year or before your reporting period.
and they WILL freeze your accounts and assets. they dont kid!
If your not at liberty to discuss it. You kind of gave it away with the stuff you can write off and how much time you spend in your car.
So I suppose you can write off your insurance too?
^ ya that was kinda the point…
insurance i cant for some reason, because that isnt part of my job or job pre-requisite. its not an expense i inquire while doing my job, i dont know!! all i know is the lady said no!
yeah samson is correct being inc. has nothing to do with write-off’s
incorporating a company creates a separate tax (and legal) entity… which would be the business.
As a partner or individual owner (s.p.) without incorporation you have no protection on a personal level. If your business gets fucked and files for bankruptcy, so do you.
Your business income and taxes get filed alongside your personal income and taxes. If your business brings in 50k and you bring in 50k from your 9-5 job. you file your income taxes as you bringing in 100k that year and you pay taxes on that accordingly.
however, if you write off 25k of that now you only pay taxes on 75k.
sorry for the brief/shitty post i typed this in haste