For any questions related to your taxes, make sure to seek guidance from a tax professional. It's often a good idea to make quarterly tax payments throughout the year, on April 15, June 15, September 15 and January 15.ĭue to the Tax Cuts and Jobs Act passed in December 2017, you might be eligible for a tax deduction of up to 20% of your business income, hinging on a variety of factors including the type of business, total business income and your overall taxable income. Since you and your business are a single entity, you’ll file income taxes on your personal income tax statement the business won’t be taxed separately. Just make sure you’re in compliance with local laws, such as obtaining a business license or other required paperwork. ![]() You don’t need to file any specific paperwork to be considered a sole proprietorship. How Do Sole Proprietorship Companies File Taxes? Read on to find out how sole proprietorship companies can use tax policy to their advantage. Given the complexity of the tax code, it can be hard to know what you can legitimately deduct without running afoul of the IRS. ![]() Financial Insights About Us Customer Service Online Banking Login Branch & ATM Locator SearchĪre you leaving money on the table? If you're running your business as a sole proprietor (that is, your business is owned and run by just one person), chances are good that you may be missing out on some financial benefits when you file taxes.Additional Sources of Capital for Small Businesses.
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