A Solution to Independent Contractors Biggest Dilemma: To Incorporate or Not?
Submitted by JMB Financial Managers on January 23rd, 2020
Perhaps no two questions spark more debate and conflicting answers between accountants, attorneys, and financial planners than, “Should I incorporate?” and “When does it become worth it to incorporate?”
As someone who specializes in helping independent contractors maximize the financial benefits of being independent, I am often asked these questions.
Whether you’re a commercial real estate broker, a manufacturer’s rep, a drug company rep, or a small business owner, incorporating a business can seem like an intimidating task. But in my 20+ years as a financial advisor, my vote is incorporate!
Take Charge of Your Own Business
Today’s take-charge, you’re on your own business environment has made incorporation advantageous to an increasing number of professions, perhaps including yours. By incorporating you can expect a number of benefits not available to sole proprietors or employees of corporate America:
- Asset protection from lawsuits, judgments, and debts
- Significant income tax reductions
- Generous employee benefits
- Increased investment and retirement savings opportunities
Is there a Downside to Incorporating?
It may seem like incorporating is too costly, too time consuming, and just flat out too much of a hassle, but it doesn’t have to be. With the proper advice and information, that’s not the case, and the benefits of incorporating far outweigh any potential negatives.
Is Incorporating Right For You?
Find out if incorporating is right for you, and learn the simplest, most sensible, and profitable ways to go about it by scheduling a free consultation with us today.
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About the Author
Jack Brkich III, is the president and founder of JMB Financial Managers. A Certified Financial Planner, Jack is a trusted advisor and resource for business owners, individuals, and families. His advice about wealth creation and preservation techniques have appeared in publications including The Los Angeles Times, NASDAQ, Investopedia, and The Wall Street Journal. To learn more visit https://www.jmbfinmgrs.com/.
Connect with Jack on LinkedIn or follow him on Twitter.
