Re: Setting up a Corporation for your gambling business
By incorporating, you gain the advantages that any small business man gains when incorporating. Your insurance becomes a company benefit and a business expense. Your car could be a company car, and deductible. Talk to a CPA about the advantages.
The disadvantage would be you would have to pay yourself a small salary, which would be double taxed, once at the corporate level, and once as personal income. You would also have to pay your matching social security on that salary. The advantage is, with profits over your salary, the corporation could pay you that as a dividend which is taxed at a lower rate.
Talk to a CPA, see what deductions you can generate as a corporation, and where your break-even point on income is as far as being a corporation or an individual.
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