Results 1 to 4 of 4

Thread: Considering incorporating as opposed to a sole proprietorship, to save on taxes.

  1. #1
    Senior Member Bambibabe's Avatar
    Joined
    Dec 2011
    Posts
    125
    Thanks
    38
    Thanked 116 Times in 41 Posts

    Default Considering incorporating as opposed to a sole proprietorship, to save on taxes.

    Basically a sole proprietorship has you taxed as an individual, and it is fairly highly. Incorporating can also be done as an individual, and is considered a smart choice if your business brings in more revenue than you need for living expenses. I believe escorting falls under that category! You are paid by your company for your living expenses, on which you are taxed with personal income taxes, while the rest of the $$$ is taxed as a corporation. This way you keep more of your money, and legally.

    Has anyone else done this? Do you think it would be worth it? How do I use the money that I've earned through my business/corporation for my personal investments?

  2. The Following 2 Users Say Thank You to Bambibabe For This Useful Post:


  3. #2
    God/dess shanna dior's Avatar
    Joined
    May 2008
    Location
    Canada
    Posts
    4,980
    Thanks
    621
    Thanked 6,894 Times in 2,672 Posts

    Default Re: Considering incorporating as opposed to a sole proprietorship, to save on taxes.

    I think your best bet is to speak with an accountant since they will be able to get into the nitty gritty and help you make an informed decision based on your specific circumstances.

  4. The Following 2 Users Say Thank You to shanna dior For This Useful Post:


  5. #3
    Senior Member Bambibabe's Avatar
    Joined
    Dec 2011
    Posts
    125
    Thanks
    38
    Thanked 116 Times in 41 Posts

    Default Re: Considering incorporating as opposed to a sole proprietorship, to save on taxes.

    True haha! I was trying to see if anyone else has done similar.

  6. #4
    Senior Member
    Joined
    Oct 2013
    Location
    Kya-Na-Da
    Posts
    122
    Thanks
    212
    Thanked 185 Times in 66 Posts
    My Mood
    Cynical

    Default Re: Considering incorporating as opposed to a sole proprietorship, to save on taxes.

    I haven't but I think it's a good idea because you can claim full income without having to be gauged by taxes. I plan on doing it before this year is up. Definitely best to have a lawyer sort it out but how do you find a sex-worker friendly accountant?

    There's also a book on sex worker taxes called "The Tax Domme's Guide for Sex Workers and Other Business People", not sure if it would have info about incorporating?

Similar Threads

  1. Replies: 4
    Last Post: 12-04-2014, 08:19 PM
  2. What percent to save for taxes in this situation?
    By SarahTime in forum Dollar Den
    Replies: 5
    Last Post: 12-28-2011, 08:18 AM
  3. Incorporating into S-corp
    By xfatrabbitx in forum Dollar Den
    Replies: 10
    Last Post: 11-21-2011, 02:01 PM
  4. Incorporating
    By Luxxxe in forum Dollar Den
    Replies: 8
    Last Post: 10-06-2008, 10:12 AM
  5. incorporating for strippers?
    By Adelina in forum Dollar Den
    Replies: 16
    Last Post: 05-10-2007, 03:16 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •