Consulting income could save him a lot of money in tax

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Question

Mr. Robins is starting a new consulting business at the end of this year and is anticipating the following income and expenses.

Anticipated revenue:

November $1,250

December $1,800

Anticipated expenses:

Advertising $300

Accounting and bookkeeping fees $750

Insurance (relating to business) $625

Meals (relating to meetings with clients) $550

Office supplies $1,000

Computer software costs $3,000

Mr. Robins had a friend tell him that using a corporation to earn his consulting income could save him a lot of money in tax. Do you recommend that he incorporate at this time? Why or why not?

Reference no: EM133673184

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