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Subject:Incorporate? From:Win Day <winday -at- CML -dot- COM> Date:Thu, 16 Feb 1995 14:24:20 -0500
To: techwr-l -at- vm1 -dot- ucc -dot- okstate -dot- edu
EE> From everything I've heard, incorporating may make some employers
EE> feel better about hiring a contractor, but incorporation does
EE> notthing for the contractor from a tax standpoint.
Are you sure? In Canada at least, it can make a BIG difference.
Individuals are taxed at the personal income rate for their income
level. As your income rises, so does your personal tax rate.
Corporations are taxed at the business rate. That rate is higher than
the personal rate only for net incomes below a certain level ($30,000
CDN I think). So once your income increases it may be to your advantage
to incorporate.
One other thing to consider. Incorporating limits your personal
liability if you get sued because somebody got hurt while following a
procedure you wrote.
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