Solve every problemTax Planning &
Preparation (Sole Proprietorship)
Sole proprietorships are the most basic business structure in the United States. They’re also the default business structure for individual-owned businesses. If you start a business by yourself and don’t incorporate it, the IRS automatically considers you to be a sole proprietorship.
How are sole proprietorships taxed?
Sole proprietors are taxed as individuals, just like they were before they started the business. They report their income and expenses on their personal tax returns, rather than on a separate business tax return like a corporation would.
One of the biggest differences between doing your taxes as a sole proprietor and doing them as an employee is that you have to report your business’s profits and losses on an extra IRS form called Schedule C.
Great Tax Results
Key Takeaways
- Form 1040 is what individual taxpayers use to file their taxes with the IRS.
- The form determines if additional taxes are due or if the filer will receive a tax refund.
- Personal information, such as name, address, Social Security number, and the number of dependents, are asked for on Form 1040.
- A filer also needs to report wages, salary, taxable interest, capital gains, pensions, Social Security benefits, and other types of income.
- Taxpayers may need to file supplemental tax 1040 forms depending on their situation.
Sole proprietors are responsible for paying
- Federal income tax.
- State income tax, if this applies in your home state.
- Self-employment tax.
- Federal and state estimated taxes.
- Sales tax, if applicable.
Here’s what TaxAccountPro do for you
- Annual tax obligations
- Compensation and benefit packages
- Reorganizations
- Business termination
- Business expansion
- Estate planning
- Preparing Financial Statements
The benefit of Filing Sole Proprietorship Tax Return
- Records and audits
- Self-employment tax
- Business expenses
- Health insurance deduction
Why do you need TaxAccountPro Services?
Time Benefit – Allows to plan round-the-clock operations.
Cost-Benefit – Lower cost of operations by 40%.
Staff Benefit – Right Level staff for different requirements.
Business Benefit – Save on Infrastructure and Technology for outsourced staff.
If you need a fast, accurate tax professional to prepare your tax return this year give us a call today at +1 (315) 644-2677
Trusted by many people
If you want a professional accountant to take the stress out of running a business then you can’t really do better. Tax Account Pro are advocates of cloud based accounting and make it really easy for you as a business owner to take control of your books. Highly recommended
Neeraj Chitra
As part of our property investment business, we have many clients who need advice on how to manage their finances regarding a buy to let portfolio. We will always refer these clients to Pro Tax, as they are some of the most professional and well qualified accountants around, and the advice and customer service they give is top quality
Michelle Nortan
My Experience Ankit was amazing. He pays a lot of attention to detail, is very much self driven, Extremely knowledgeable, Commits and achieves deadlines, very responsive, I would definitely hire him in the future.
Douglas Marato
I’m very Pleased. Ankit is very knowledgeable about US tax and was quite successful at looking at my problem, redoing my work and fixing issues and then give me advice for the future. I’ll be back.
Scott Turansky
As the owner of a new business, I needed an accountant I could trust. Lee is incredibly knowledgeable as well as personable, helping me ensure my business was set up and managed correctly. His work is professional and transparent, you know exactly what to expect and what you’re paying for. Cannot recommend highly enough!
Mr. Hassan Noorie
Thank you for all your professional help with our data! We wouldn’t be able to process all the statistics and numbers in time, and would surely lose tons of vital information!
Nicole Morrison