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Carmen Wong Ulrich: It can be good to incorporate

Today Money financial expert Carmen Wong Ulrich joined us for a live Web chat Wednesday to answer your questions.Here’s one of her answers to questions from the live chat. (See below for the full Q&A and video of Carmen’s TV appearance this morning.)Becky asked:“My boyfriend and I both work as design/web development freelancers. We've been doing so for 4 years, and our taxes are increasingly
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Today Money financial expert Carmen Wong Ulrich joined us for a live Web chat Wednesday to answer your questions.

Here’s one of her answers to questions from the live chat. (See below for the full Q&A and video of Carmen’s TV appearance this morning.)

Becky asked:

“My boyfriend and I both work as design/web development freelancers. We've been doing so for 4 years, and our taxes are increasingly higher. I was wondering if it would be better for our clients and our taxes if we would incorporate.”

Carmen replied:

“Becky - Oh YES! Definitely form an LLC with your boyfriend (if you're ready to make that sort of commitment, ahem!). Or, even a corp on your own where you get paid through the corp rather than personally. There are some upfront costs but you'll recoup that in your first year in tax savings. Good luck!”

Here are links to the full chat archive and Carmen’s TV appearance:

 

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