You are probably paying too much in taxes if you don't have kids or exemptions!

I represent the ICANetwork and one of the products we offer is called the ICANGoLoan. The GoLoan is available to anyone 18 or older in the US or Canada, with a 620 minimum credit score or better, needs no collateral and is interest free for the 1st year. Get up to $150K for anything legal. I use my loan to grow my online business.   Now having said that, tax season is approaching and I got to thinking about how I would file this year.  I never really considered it before. Well, a friend of mine wanted me to talk to this small business tax and accounting firm because he kept telling me they could save me 1000's on my taxes. So I got a no cost consultation and what I learned made my head spin in a good way.  I learned there are a lot of advantages to structuring your business the right way by incorporating or becoming and LLC.  Are you filing as a sole proprietor? For very little, you can become an LLC and separate yourself from your business and by doing so, protect yourself and your personal assets.  

I had questions about the loan that I got that was obtained personally but being used for business.  I found out that those debts could be transferred to my corporation and would no longer impact my credit score should I have to default (not that I would but life does throw us curves) on any of the payments. Not to mention, transferring the debt would cause my personal credit score to sky rocket. There were many other expenses, I found out, that could also be used on a business return that cannot be used if you file a personal return. So it didn't take me long to figure out that what I didn't think I needed, I absolutely did!  See, once your LLC is established, you can start to build your Dunn and Bradstreet rating which is like a business credit score. As a new start up company, most times a new business loan can be obtained and that is what's used to transfer all those business debts and expenses to your business and away from you and your personal bank account.

I, personally, feel that this is, most likely, the smartest thing I will have done to help my business.  I have a partner, so to speak, who I can turn to now, anytime I need to ask a question, or get tax advice and I no longer have to file my own returns. In effect, when I established my LLC, it was like I inherited an accounting department to run those things in my business that I don't like to do and frees me up to do the things I do.  

I told my friend the other day that when he first started about all this, I laughed and said why would I need to do anything like that when showing a profit sometimes isn't always the reality but I have no regrets.  If I hadn't taken the time though to accept the phone call and get the facts, next year may not look as rosy as it does now!

If you'd like your own consultation, you are welcome to send me a message here. I'll get you hooked up.  There is no obligation and I'm telling you, you owe it to yourself to hear what they have to say, even if you don't think you need it.  If you are building a business on the internet, whether you are in profit or not, you should be informed.