Question
For tax purposes, a sole proprietorship is a pass-through entity. Business income passes through to the business owner, who reports it on their income tax
For tax purposes, a sole proprietorship is a pass-through entity. Business income "passes through" to the business owner, who reports it on their income tax return, reducing the paperwork required for annual tax filing.
Can you please describe what a sole proprietor is responsible for paying other than his/her income taxes?
Also, what are the benefits of being a sole proprietor?
Thank you.
Step by Step Solution
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Step: 1
Sole Proprietor Responsibilities and Benefits Responsibilities Beyond Income Tax While income tax is a major responsibility a sole proprietor is respo...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
