Dec 04 2024 16 mins
THROWBACK EPISODE! OLDIE BUT GOODIE :)
If you started a business and didn't file any paperwork, what type of business are you??? Do you know???
The IRS will automatically classify your business as a sole proprietorship and that you will file the business income and expenses on Schedule C of your personal tax return. So not much will change except for your tax return!
If you filed an LLC, you can still be classified as a Sole Proprietorship. You will have some additional filing requirements for the state you filed the LLC in.
In this episode we discuss:
-Do you need an EIN for your sole proprietorship?
-What expenses can you deduct (i.e. save $$ in taxes)?
-How do you file your business taxes?
-What other filing requirements do sole proprietors have?
-Can you be an LLC and a sole proprietorship?
If you are new to owning a business, this episode is a perfect place to start educating yourself on paying taxes as a business owner!
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