Incorporating: Tax Savings

A corporation is a separate legal entity that files its own tax return. The first $50,000 of corporate income is taxed at 15% and the next $25,000 of corporate income is taxed at 25%. Therefore, a corporation with an income of $75,000 will pay income taxes of $13,750. By comparison, an individual who earns $75,000 will pay income taxes of $17,931, or 30.4% more than a corporation.

In most situations your corporation is going to be in a lower tax bracket than you are. In those situations in which it is not, you have the flexibility of shifting income between you and your corporation to minimize your personal and corporate taxes.

Because of the lower tax bracket and the flexibility to shift income, your corporation will provide you with an opportunity to reduce your income taxes.

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