All partners are believed to share profits equally, are liable to pay NI and would not be outsourced out, have the same tax situation, and there are no extra taxable income or tax deductible allowances other than the basic personal allowance (which should be less than $100k).
This Calculator can only provide a rough estimate of potential savings and cannot account for all scenarios. Before taking action, you should seek detailed counsel from an accountant about your situation.
Before opting to incorporate, there are numerous other things to consider, while tax savings are frequently a major consideration.
Are you a real estate professional who wants to improve your financial situation and save more money for retirement? A Personal Real Estate Corporation (PREC) could answer you. However, there are other considerations before making such a significant decision.
This Calculator will compare the expected taxes if you operated as a sole proprietor to the projected taxes if you operated as a corporation. Use this Calculator to determine the projected tax savings of one type of organization over another.
CPA4IT provides free consultations with financial professionals familiar with the many tax options available to realtors.
Contact us immediately to schedule a consultation and assess whether forming a PREC is the best option for your personal and company circumstances.