Tax Filing Tips For Sole Proprietorships
Are you wanting to turn a hobby into a business and are wondering how to do it? Are you a sole proprietor looking to file your taxes? Having a sole proprietorship is one of the ways many businesses get started. In this video, we'll provide some pros and cons of being a sole proprietor, as well as tax considerations. With these tips in mind, you'll be well on your way to a successful start as a sole proprietor as well as a successful tax filing! Don't forget to subscribe to our channel for more helpful tax and financial planning advice from our team of certified public accountants.
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Disclaimer: CommunityCPA, as part of our services to our valued clients, is providing these seminars in order for businesses to cope with the current pandemic. We are not responsible for any damages the attendees or viewers may suffer as a result of following any of the advice or information provided. Although we are doing our best to stay informed, the current situation is very dynamic and the information could change at any time without any notice. Our information and advice is not legal in nature and should not be construed as such. Please consult your legal counsel if you should need any legal advice.
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Thank you so much
Thank you so much for being so clear & concise!
This is great information 👍 Thank you for sharing
This was such a helpful and clear video, thank you, I have subscribed :)! I've also wondered about the difference of LLC vs. Sole Proprietorship, and your video was the best one I've viewed in helping clarify the ins and outs. I am supplementing my income by doing side gigs such as resale (poshmark etc) and also Turo. I dont believe I reached the profit/revenue thresholds for either of those "businesses" in terms of receiving a 1099-k. I understand I still need to report those profits on my taxes. Is there a separate form to report that income, or is it within a 1040 itself? Thanks in advance!
@CommunityCPA
Жыл бұрын
Hello! Thanks for your question. Yes, you do need to report your 1099 income on your taxes, and sole proprietors will do it on Schedule C on the 1040. Reach out to us if you need help or advice with this: dan@communitycpa.com
In my new business venture, it is part-time for now, but I want to test it out before I register as an LLC. I have registered my DBA (yay) but I intend to hire my 13 year old son. Is an EIN required vs using my SSN?