Sole Proprietor

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Glossary: Sole Proprietorship

By | April 6th, 2017|Categories: Glossary|Tags: , , |

In simple terms, a sole proprietorship refers to a business which is not incorporated and which has only one owner.

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When Can a Home Office Deduction Result in a Business Loss?

By | November 17th, 2016|Categories: Small Business Tax and Accounting|Tags: , , , |

The general rule with home office deductions is that the deduction cannot generate a business loss. But there’s an exception to this rule.

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What EIN Do I Put on Schedule C?

By | July 20th, 2016|Categories: Small Business Tax and Accounting|Tags: , , , |

When a sole proprietor has an employer identification number (EIN), it would seem to be common sense that the proprietor would put that EIN on the Schedule C for the proprietorship. Not so fast -- especially of the sole proprietorship is a single-member LLC taxed as a sole proprietorship.

If You’re a Sole Proprietor, Think Hard Before Forming an S-Corp

By | May 27th, 2016|Categories: Small Business Tax and Accounting|Tags: , , |

I’m encountering more and more sole proprietors who want to form S-corps so they can save on taxes. It’s a good strategy -- if you know what you’re getting into. The problem I encounter with these clients is: almost all of them engage in mystical thinking about the wonders of S-corps.

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Choosing a Business Entity: Wrap-up Post

By | January 18th, 2016|Categories: Small Business Tax and Accounting|Tags: , , , , , |

This series on choosing a business entity started last June and covered 10 parts. Here’s a listing, with links, of all the parts in this series.