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Entrepreneurship can be an exciting and satisfying endeavor. It can also be very profitable. After all, most people go into business with the hopes of making money. Your choice of business entity has everything to do with how much money you end up keeping after taxes.
Each business entity is different. They are subject to different types of taxes, tax rates and filing requirements. In this article we will look at the tax nuances of each entity type in order to help you understand the compliance landscape so you can choose which entity is right for you.
Sole Proprietorship A sole proprietorship is where the business entity is you. Legally, you are one in the same.
The IRS does not recognize a sole proprietorship as a taxable entity separate from its owner. This means that all assets, liabilities, income and expenses of the business belong to the individual business owner.
From a compliance perspective, the filing requirements are quite simple. You can just use your social security number. However, you can and probably should still apply for an EIN. It only takes a few moments, and you can get the number immediately.
It is probably the only website in existence that has functional online business hours. When it comes time for a sole proprietor to file their tax return, there is no separate filing requirement for the business.
You simply include all business income and expenses on Schedule C of your individual income tax return, Form The net taxable income from a sole proprietorship is subject to two types of federal tax: I will be making references to these two taxes throughout this entire article, so pay close attention.
The ordinary income tax applies to the income you generate from operating your business. The tax rate is based off the IRS tax tables. To read these tables, look across the top and find your filing status. Then go down the table to find the range your income falls into. That will give you the ballpark tax rate on your ordinary business income.
On top of ordinary income tax, you pay self-employment tax.Nov 08, · How 23 young millionaires built their empires offering if he was going to stay in business during the spring and summer months.
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