Posted by: Russ ®
02/05/2005, 13:31:30
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Aside from potential tax benefits, I have been told that incorporating a business can also be beneficial to your expenses.
For example, I have a couple of friends who own corporations (not REI). They have the before tax profits of their corporations pay for things that I pay for with after tax dollars. Things such as vehicles, gas, insurance, meals, trips, etc.
I would sure like to take advantage of these types of benefits if they can also apply to incorporating an REI business.
Since my real estate portfolio has been growing, even my bank (not that they are experts) has suggested that I look in to getting a numbered corporation.Also, does anyone know if Land Transfer Tax, legal fees, appraisals, etc gets calculated or taxed differently with a corporation? Thanks,
Russ
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