Choose the Right Business Structure - Tax Planning Tip #1

Choose the Right Business Structure - Tax Planning Tip #1

Choose the right business structure for tax optimizationDid you know that the structure that you choose for your business can have a dramatic impact on your tax situation?

Many businesses start out as sole proprietorships and that makes sense especially in those early years when you might be losing money.

However, it's important to note that incorporating your business can put you in a much more favourable position from a tax perspective.

Most significantly, as a corporation, your business could qualify for the small business tax deduction giving you a much lower income tax rate.

Click this link for more on the advantages of incorporating your business and other great tax planning tips.

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