The Money Scope Podcast Ep 16: Live at IAFP 2024
Nov 8, 2024
Tune in for a lively discussion from a finance conference, where experts unpack the ins and outs of incorporating as a business owner. Discover the challenges of income smoothing and the myths surrounding incorporation. Learn about optimal compensation strategies and how they can minimize tax liabilities. Engage with topics like tax integration, eligible dividends, and the risks of financial products. With a fun Star Wars theme, expect insights sprinkled with niche references that will keep you entertained and informed!
AI Snips
Chapters
Transcript
Episode notes
Incorporation Timing
- Delay incorporating until you can smooth income or retain earnings for investment.
- Avoid unnecessary costs and complexity of premature incorporation.
Corporate Tax Benefits
- Corporations offer tax deferral, not savings, by choosing when to pay personal taxes.
- Investing after-tax corporate earnings and withdrawing later at lower rates offer advantages.
Avoid Premature Incorporation
- Account for debt repayment, delayed gratification, and tax-sheltered accounts before incorporating.
- Premature incorporation leads to unnecessary costs and complexity.