Thurman Buege: I don't think you'll find any value in setting up a corporation. Right now, you're in business. You're a sole proprieter. There's no difference in what business expenses you can deduct in either setup.The advantage of a corporation is they have limited liability (which should be an issue to barbers), and they can raise money by selling shares (but you can raise money more easily by getting loans from friends or a bank)....Show more
Beau Starcevic: Nothing is deductible for a corporation that isn't already deductible for a sole proprietorship so, for a small one person corporation, the tax advantages can be minimal.Many people find out that what little they save in taxes is more than offset by increased bookkeeping, payroll and tax preparation fees.Sit down with a local tax preparer and run some numbers before you do anything....Show more
Ileen Oshell: I really don't know.
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