Question : Can i set up a personal tax shelter?
I know that corporations only get taxed on what they don't spend. So, could a single person who wants to start a business register a corporation under only his/her name and use it as a tax shelter in order to eliminate some taxes?
- asked by Dre
All Answers:
Answer #1
No. The best tax shelters for individuals are 401Kplan, IRA, and buying a home. You are mistakenabout how corporations are taxed.
- answered by united9198
Answer #2
The IRS loves to go after this type of 'taxshelter'. Its very easy to break the law this wayand nearly (if not totally) impossible to do itlegally.
- answered by STEVEN F
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