How Do You File For Sole Proprietorship?
You’ve decided to start your own business. Congratulations! The easy part is over. If you’re planning on keeping things small and simple, a sole proprietorship is the way to go. The amount of paperwork is very low and tax implications are minimal. Here’s how to do it! Before filing anything, a sole proprietor should understand what that title means. Sole proprietor basically means self-employed. You are the business and the business is you. It’s the simplest form of tax filing for a business, since there is no separate filings for the business; everything is included in your personal return. Make certain you have a concrete business and marketing plan, which includes investigating any requirements for your town or city to start your business. Although each state has its own requirements, you may need to file with your state’s tax department and obtain the necessary information to pay various state taxes (sales and use, etc). This filing usually covers any requirements for paying Social
