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    • Beginner's Guide to Sole Proprietorship Taxes

    Key Takeaways

    • Sole proprietors report their business income and losses on their personal tax returns by attaching Schedule C to Form 1040, which keeps the tax process straightforward but also ties personal and business finances together.
    • A sole proprietor is also responsible for paying self-employment taxes, which fund Social Security and Medicare.

      This tax is calculated using Schedule SE and represents both the employer and employee portions of these taxes.

    • A wide range of business expenses may be deductible by sole proprietors, including office supplies, advertising costs, and a portion of home and vehicle expenses if they’re used for business purposes.

      Half of a sole proprietor’s self-employment tax is also deductible.

    • Sole proprietors may also be responsible for estimated tax payments, withholding and paying employment taxes for their workers, excise taxes, sales taxes, and more.

    Whether you’re ready to begin a side gig or go completely out on your own, operating a business as a sole proprietor is often the best way

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