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Wing to Wing LLC

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Keeping Your Best Interests in Mind

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Sole Proprietorship

Once an individual decides to start their own business, they should become aware of all legal and tax requirements regarding the product or service they will sell/provide. Reviewing our Small Business Overview page is highly suggested.

The following are key items you should be aware of as a sole proprietor from a tax perspective:

  • Your profit or loss will be reported on Schedule C; Profit or Loss from Business of form 1040. (Click here to view Schedule C)
  • Your income will be subject to self-employment tax in which you will pay both the employer and employee portion at a rate of 15.3% and it will also be subject to your normal Income tax rate.
  • Be sure your business cannot be considered a “hobby” by the IRS. Click here to see more information about distinguishing if your business may be considered a hobby by the IRS.
  • The tax Year will end on December 31.
  • The accounting method is by cash only.
  • Open a separate bank account for your business.
  • Keep good records.
  • We highly suggest you create an LLC to protect your personal assets.
  • Also high suggest you use Quickbooks Self-Employed app

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