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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:
Whereas when you are a corporation you:
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.
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