Incorporation separates your personal financial assets and liabilities from your work-related assets and liabilities. Consider incorporation if you hire other employees or provide clinical services. Incorporation may expand your options for many kinds of insurance, and successful contractors may also gain tax advantages by incorporating. Retirement Your decision to incorporate also affects your retirement options. Either way, you can still contribute to tax-deferred savings for retirement, but the maximum amounts and other details vary depending on the way your business is organized.
Many investment counselors recommend contributing the maximum amount.
Any bank or brokerage firm will welcome the opportunity to establish an account for you, and it's worth shopping around to get the best deal with the lowest custodial fees. Health Insurance Unfortunately, health insurance costs often soar while benefits plummet after you leave a group plan. Examine your situation and shop around. Some consultants continue to work part-time as employees in order to maintain insurance at a reasonable cost, while others essentially join group plans through their professional organizations. Still others are forced to join high-risk plans administered by state governments.