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Benefits of incorporating

strikersnakes Sep 16, 2012 12:59 PM

As a small breeder I was wondering about the possible tax breaks and benefits of incorporating my venture. I assume that this would allow me to write off quite a bit; all my costs like food, heat, and possibly the space in my home, my internet connection, and any other expenses directly related to the business.
Thanks
Mark

Replies (3)

po Sep 17, 2012 11:45 PM

from what I gathered when I was trying to be a "breeder" before focusing on rescue, you can get some tax breaks while you are an "upstart" but as soon as you make $ then you have to pay taxes, I would consult a CPA or someone like that in your state to try to sort out what is the best move for you.
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hanging out under heat lights burns up my brain cells!!

strikersnakes Sep 20, 2012 09:00 AM

I appreciate the info and will definitely consult a CPA. I average around $2000 in sales but i think I would also have a multitude of deductions that may total more than that. So it may work out to my benefit, I'll see what the CPA has to say. Thanks again.
Mark

strikersnakes Sep 21, 2012 12:52 PM

Alright let me ask the question this way then,for those who have incorporated, have you found it financially beneficial?

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