As Valentine’s Day approaches, let MyCorporation help you give your business the love and attention it deserves. Let Mycorp help you love your business! On February 14th, MyCorp is offering a FREE corporation or LLC from 7am to 7pm in honor of “Love Your Business Day.” In addition, MyCorporation also offers all the products your business needs – free Quickbooks, business cards and a domain name!
On February 14th, love your business by incorporating or forming an LLC to save on taxes and protect your personal assets. As a sole proprietor, your liability for business debt is unlimited. Personal assets such as your home, personal bank accounts, and other valued assets may be at risk. What does this mean? It means that if your business experiences severe financial difficulties, creditors can take away your personal property such as your home, retirement savings, or any other asset you or your spouse own.
In our increasingly litigious society, it is becoming ever more important to limit your exposure and protect yourself from liability. Incorporating your business draws a firm line between your personal and business assets, helping protect your personal assets from risks or debts associated with running your business.
Incorporation is also a great way to save money on taxes! If you are operating as a sole proprietor, you will be required to pay self-employment tax on your profit, currently at 15.3%. If you incorporate your business, only the salary you pay yourself is subject to self-employment tax. Depending on your situation, you may be able to save as much as 50% on your tax bill!
Incorporating also decreases the likelihood of a tax audit. Sole proprietors tend to be more likely to file incorrect returns (many are self-prepared), and tend to underreport revenue or over report deductions. For these reasons, the IRS has audited a much higher percentage of sole proprietor tax filings than corporate filings in recent years. In tax year 2006, a Schedule C filer stood a 1 in 32 chance of being audited. For nonbusiness filers, the odds were around 1 in 124. Let MyCorporation help you lessen the chance of a tax audit!
This year, make Valentine’s Day a special day – not only for your loved ones, but also for your business. Let MyCorporation help you love your business. Make sure to take advantage of our FREE LLC or Corporation offer on February 14th! Lean more HERE!