Tips Paying All Taxes

Video Transcript

"Hi, Tom Choisnet, enrolled agent. This segment is about should I incorporate? Corporations, like living trusts are quite often touted as the, the do all, be all for taxation. Not necessarily, they are a good idea and, well they are just not a cure for all ills. As you heard on the conversation perhaps, the individuals can't do a corporation on their personal services, however they can form a "sub S" corporation and flow the gains and losses or property losses to them on an individual basis. The corporate "veil", that is the limit of liability is protected somewhat by corporations so if you have a risky situation, we see many surgeons preform, I should say form professional corporations because of the liability there. If yo u have a business that has unusual liability, then certainly a corporate interest might be a good idea for you. I hope I have given you a little bit of insight as to whether or not you should form a corporation. Thank You."