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If you wait until 2008 to incorporate the advantages are
clear:
- Processing fees & tax liabilities are delayed until 2008
returns
- Delay the annual paperwork process
- Take advantage of the capital expenses of incorporation or LLC
processing in 2007
- Deduct non-capital expenditures in 2007
Corporate and LLC filings are at their greatest volume
at the end and beginning of each calendar year, causing possible
delays. However, MyCorporation can help you beat the 2008 filing
rush.
Overcome the Incorporation Backlog
December
and January are the busiest months of the year at state filing
offices and filings submitted in early January
may experience significant delays. MyCorporation's "delayed
filing" option can help you overcome the January rush.
Processing Fees & Tax Liabilities Delayed to
2008
Corporate and LLC filing requirements are
relatively simple for small businesses to fulfill. For many, the
greater burden may be in having to pay annual fees that vary
widely, from as little as $50 to as much as $800, depending on the
type of business structure and the state. So, the simplest way to
avoid these costs on 2007 financial statements is to wait until
next year (2008) to file incorporation or LLC formation
documents.
The Delayed Filing Option Revisited
If you
would like to form your corporation or LLC in January 2008 or
later, we urge you to submit your information today as a "DELAYED
FILING." Under this option, MyCorporation will process your file
within 24 hours. The documents will be placed in a queue with the
state office "to be held for filing on or after January 1, 2008."
And please note there is no additional cost for the delayed filing
option.
In Conclusion
As the year comes to a close, many business owners recognize
that the deadline for accumulating tax deductions approaches as
well. Please consider the following:
- Speak with an accountant or an attorney about your particular
situation. If, based on your current financial composition, he/she
advises you to incorporate or form an LLC, visit MyCorporation and
we'll be eager to assist you;
- If you decide that waiting until 2008 is your preferred route,
please consider submitting a Delayed Filing request. The delayed
filing option allows companies to avoid potential 2007 tax and
reporting requirements; and
- You can avoid excessive delays in the new year since your
documents will be held for filing after January 1, 2008.
Whenever you decide to file, we sincerely wish all of
you the very best through the end of this year and into
2008!
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