I've seen that there are corporation tax filing fees, and other fees. It looked to be around $1200 USD per year to just maintain a corporation (I could be wrong, I only did a quick search).
At what level of side-hustle income would it make sense to switch from a very very liable sole proprietorship to a limited liability corporation? $10,000 extra (on top of salary from the day job)? $20,000? $50,000?
My goals are to reduce my tax rate and my liability. Should I just get insurance for any freelance software development that I do?
At what level of side-hustle income would it make sense to switch from a very very liable sole proprietorship to a limited liability corporation? $10,000 extra (on top of salary from the day job)? $20,000? $50,000?
My goals are to reduce my tax rate and my liability. Should I just get insurance for any freelance software development that I do?
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