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Q&A: I need to form the contract work I do (1099) into a business. Where do I start?

Question by dirt_monkey99: I need to form the contract work I do (1099) into a business. Where do I start?

Best answer:

Answer by peters_the_3rd
Get started with an Incorporation in your state. It’ll cost you around $ 500-$ 600 total, but once incorporated, there are a lot of tax breaks you can get, and people will pay your company, not you. You company, if it makes less than $ 50,000 PROFIT in one year, will only have 15% tax, as compared to you as an individual, having at least 28% tax…..think about it!

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