A Major Reason Many People Choose Not to Incorporate Is

question 2

True/False

A major reason many people choose not to incorporate is because of the costs involved and double taxes that must be paid.

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Definitions:

Property Taxes

Taxes assessed on real estate by the local government, based on the property's value.

Taxable Income

The amount of income on which the income tax is determined.

Standard Deduction

A set amount that reduces the income subject to tax, which taxpayers can claim on their tax return, as an alternative to itemizing deductions.

Exemption

A deduction allowed by law to reduce the amount of income that would otherwise be taxed.